Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

If you look at all the key data, I stand by the statement I made. Secondly, this government wants to give all Australians the best possible opportunity to get ahead. We want there to be more jobs and better-paid jobs. We want Australians to be the most successful they can possibly be. To achieve that, one of the key things we must do is legislate our Ten Year Enterprise Tax Plan as soon as possible to make sure that our business tax rates are internationally competitive. What will happen, if we put ourselves in a better position to compete for additional investment and capital into Australia as a result of a more competitive business tax rate, is that we will attract more investment, which will improve productivity, generate more jobs and lead to higher wages.

In the end, if we want every individual Australian to have the best possible opportunity to be successful, and we do, then we need the businesses that employ them to be the most successful and the most profitable they can be. More successful and more profitable businesses will be able to hire more Australians and pay them better wages. That is the simple truth that senators on this side of the chamber understand but the senators on that side of the chamber fail to understand. If you want to impose more burdens on business, making it harder for them to be successful, as Mr Shorten wants to do, you will cause less investment, fewer jobs, less opportunity and lower wages. The Labor Party's prescription for the economy will lead to less opportunity, less investment, fewer jobs and lower wages. The historical failure of socialism is there for all to see. Everybody knows that socialism leads to missed opportunity, fewer jobs and lower wages. (Time expired)