Mark Coulton (Parkes, Deputy-Speaker) Share this | Link to this | Hansard source

My question is to the Minister for Trade, Tourism and Investment. Will the minister update the House on the importance of a competitive tax regime to support investment and growth in our economy, and are there any threats to this approach?

Steven Ciobo (Moncrieff, Liberal Party, Minister for Trade, Tourism and Investment) Share this | Link to this | Hansard source

I thank the member for Parkes for his question, because maintaining a competitive tax regime is critical to keeping the Australian economy strong. That is, in fact, the very reason why the coalition took such a strong jobs and growth plan to the last election, because this side of the House is absolutely committed to making sure that the Australian economy is strong and to creating employment opportunities for Australians. We recognise this as the only parties in this chamber—the coalition of the Liberal Party and the National Party—that are focused on Australia's small business sector, as opposed to the Australian Labor Party, which, of course, continues its assault on Australia's small business sector.

The fact is that we live in a more competitive world than ever before. We absolutely cannot be complacent about what we need to do to remain attractive as the destination for investment. Indeed, when the coalition is pushing forward with our plan to reduce the company tax rate, we recognise that around the world we need to be competitive. The UK rate is heading towards 17 per cent, the Trump administration in the United States aims for 15 per cent, our peers in Singapore are at 17 per cent, and Hong Kong is at 16½ per cent. That is why we are committed to reducing the company tax rate over the medium term.

In fact, let me use some words that I think sum up what we are trying to do:

The Government's tax reform agenda has a strong focus on ensuring that Australia remains an attractive place to invest.

…   …   …

Cutting the company tax rate is an important step along this road.

This recognises the benefits to investment and growth from lower company tax rates …

Who would have said that? The Prime Minister? It's sensible. Or the Treasurer? It sounds like something the Treasurer might say. But, no, it was actually the Leader of the Opposition who made those comments. This is the guy who will say anything at any time, depending on what audience he is talking to.

This is the same guy who said to Julia Gillard that he was a Kevin Rudd supporter and who said to Kevin Rudd that he was a Julia Gillard supporter, the same guy who supports a plebiscite on same-sex marriage when he's in front of the Australian Christian Lobby, the same guy who stands up in front of a room of accountants and says that the Australian Labor Party supports lower company tax rates, but then when he gets into opposition stands up in front of the trade unions and says that the company tax rates should not be cut and that they are a waste of money.

The simple fact is that this bloke opposite cannot be trusted to manage the Australian economy. He can't be trusted with investment in Australia, because you can see the discussions that are to be had. When they consider investment opportunities all around the world and they sit in their boardrooms, there would be a director who would say: 'Let's invest in Australia. The Australian Labor Party supports lower company tax rates.' Then you would get a director on the other side of the room saying, 'Oh, no, that's not correct; they support higher company tax rates.' You can't make critical investment decisions with the Leader of the Opposition, who flip-flops more than a pair of thongs.