Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

It is a mouthful, Prime Minister. The accountants love that sort of talk. On budget night, we released legislation that not only strengthens our anti-avoidance provisions but ensures that we can recover the tax that should be paid in Australia and apply a fine of up to 100 per cent plus interest on the tax that should have been paid in Australia. We have done this in a measured and considered fashion. In contrast, we just heard in Senate estimates the deputy secretary of the Treasury provide an observation about Labor's approach to multinational taxes. What we do know is this: Labor say one thing but, actually, what they do is completely different. They are running around saying that they have an option that will crack down on multinationals and raise $7 billion in revenue over the next 10 years. All their savings seem to be over 10 years and all their spending over four. That is another argument. But they said it would save $7 billion over 10 years. We have found out from the Parliamentary Budget Office that the reliability of that figure is low. That means it is highly unlikely they are going to get $7 billion. But it gets better. Their proposal not only does not raise the money that they said it would; their proposal is going to cost jobs. It is going to cost jobs as well. The deputy secretary of the Treasury was asked: 'Did you go through Labor's proposal? Did you go through their proposal? What would be the impact on jobs?' He said, 'Yes, it would cost jobs. Yes, yes, it would cost jobs.' So not only has Labor come up with a tax that will raise no money but it will cost Australian jobs. Well done, Labor!

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