Fatima Payman (WA, Australian Labor Party) Share this | Link to this | Hansard source

I move:

That the Senate take note of the answer given by the Minister representing the Treasurer (Senator Gallagher) to a question without notice asked by Senator McDonald today relating to taxation.

I'm astonished to hear those opposite, after a decade of delay, denial and destruction, having the audacity to stand there and tell us what to do. When we went to the election we clearly saw what the Australian people wanted. They wanted change. They wanted a progressive government who will take action, who won't break their promises, who will ensure that Australians' voices are heard. And it's quite astonishing to see even my colleagues from Western Australia stand up and talk about what's best for Australians. Well, you had a decade. What did you do? Despite the delaying tactics from the opposition, it's really refreshing to see that the government is going to be delivering on its commitments, because of course the adults are back in charge and we will take the reins and run with it.

We've made it clear that we're prepared to consider a range of options when it comes to high energy prices in an energy market that is putting a lot of pressure on Australians, and we see it day in, day out. Obviously that pressure is replicated in Australian industry. We've said that our priority is on the side of regulation rather than the side of taxation. But we're going through this in a thoughtful and considered way, because that's what Labor governments do. We take precautionary measures. We do an incredible amount of consultation before we make decisions, and we ensure that it's in the best interests of all Australians.

A windfall tax is not our preference. We've said it before: our preference is a regulatory solution. Of course, we're dealing with these rising power prices,, in large part because of Russia's illegal war in Ukraine but also, in small part, as the consequence of the wasted decade by those opposite, including more than 20 failed energy policies—Yes! Get it? Twenty failed energy policies! The former government's fingerprints are all over those power price rises, especially the member for Hume, who hid the price rises that he knew about before the election. Surprise, surprise!

Australians know we didn't cause this mess, but we do take responsibility for cleaning it up, because, again, adults are back in charge. A windfall tax wouldn't help with the near-term economic challenges, including the growing inflation challenge we have right now. Our priority when it comes to tax reform is ensuring multinationals pay their fair share of tax here in Australia. That will play a part in repairing the budget, a budget that has been destroyed. In all our work we seek to get rid of the rorts and waste that have contributed to a trillion dollars of debt left to us that didn't come with an economic dividend. Multinational corporations making a profit in Australia should pay their fair share of tax in Australia, and our multinational tax package will close tax loopholes exploited by multinationals and improve tax transparency, because that's what Australian people want to see—integrity and transparency restored back in our political system. This will benefit Australians by funding vital services like Medicare, aged care and child care; helping to service the trillion dollars of debt racked up by those opposite; and levelling the playing field for Australian businesses.

The government has committed to tackling multinational tax avoidance in four ways: supporting the OECD's two-pillar solution for a global 15 per cent minimum tax and ensuring some of the profits of the largest multinationals, particularly digital firms, are taxed where the products or services are sold; limiting debt related deductions by multinationals at 30 per cent of their profits; limiting the ability for multinationals to abuse Australia's tax treaties when holding intellectual property in tax havens; and, finally, introducing transparency measures, including reporting requirements on tax information, beneficial ownership, tax haven exposure and in relation to government tenders. I'd like to reiterate before going: it is time to have integrity and transparency back in our political system, and that's what Labor is delivering.

Question agreed to.