Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

I thank the honourable member for Stirling for his question. I can inform him that tax policy is absolutely critical for Australia’s economic performance. It is tax policy that will either enable business to be profitable and reinvest and create jobs or will hamper business from doing that. It is tax policy which will either raise the necessary services for health and education or will fail to do that. That is why this government has reformed Australia’s taxation system, getting rid of wholesale sales tax, bank account debits tax, financial institutions duty, stamp duty on shares, stamp duties on marketable securities and bed taxes; cutting company tax; cutting capital gains tax; cutting every set of income tax rates; and lifting thresholds. All of those things have been absolutely critical for Australia’s economic performance over the last 10 years or so. I must say it is why I am surprised that apparently the opposition is not going to have a tax policy at the next election. A tax policy is not an optional extra in a political campaign. It is fundamental. It is the basis of how you pay for all of your services.

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