House debates

Wednesday, 3 February 2016

Questions without Notice

Economy

2:26 pm

Photo of Scott MorrisonScott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

I thank the member for Petrie for his question. I am sure he would agree that the way I would like to respond to his question draws on a fairly unfamiliar source to this side of the House—Paul Keating. I agree with Paul Keating, who said today that higher taxes for higher spending is not a plan for jobs for growth. What he said today is that the big falls in commodity prices means Australia's income has been cut. We cannot pretend we can go on spending as though nothing has happened. Those opposite may think that, but this is what Paul Keating said:

The world has trimmed us down. We now have to trim ourselves down, trim our spending and not accommodate more of it by ever more taxation.

He says the aim of policy should be to make the private sector larger. He is right—

Mr Champion interjecting

Comments

Tibor Majlath
Posted on 5 Feb 2016 2:47 pm (Report this comment)

The LNP under Howard doled out massive tax cuts payed for by the resources boom and China's economic rise. The LNP's shortsighted legacy is that we now have a big revenue shortfall yet their tax cuts must still be maintained without the means to pay for them.

To make matters worse Labor went on a massive spending spree.

Politicians don't seem to see beyond the three year terms.