Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

The Leader of the Opposition's childish efforts this morning, rehearsed now again, overlook the fact that, as he well knows, the Charter of Budget Honesty Act stipulates the budget papers must contain details of policy and estimates for the budget year and the following three years—forward estimates. That is precisely what has been followed at every budget, including those brought down by the member for Lilley, since 1998. The exact forecasts and projections of costs of our enterprise tax plan over the forward estimates are clearly set out in Budget Paper No. 2, on page 41.

Labor are on record as acknowledging that a company tax cut is good for jobs and good for the economy. Modelling published by the Treasury last year shows that, for every dollar of company tax cut, there is a return to the economy of as much as $4. The Leader of the Opposition and the member for McMahon, the shadow Treasurer, know this, which is why they have previously strongly supported a cut in company tax. Let us get to what is really motivating Labor's interest in this issue. They are desperately scurrying around trying to find money in the budget to fill up their massive black hole. In stark contrast, our national economic plan for jobs and growth encourages the very enterprise and investment we need to create the jobs of the future.

In terms of the medium-term projections in the budget papers, as the honourable members opposite know full well, they do not set out in the budget papers all of the line items that underpin those projections. They know that. It has been ever thus. Indeed, they understand that the medium-term projections make assumptions about the continuation of government policy and, as I said to Mr Speers, they take into account, as the Treasury has done, the government's Ten Year Enterprise Tax Plan. They are taken into account and they show, as the honourable members know—as it is set out in the graph on 311—the budget returning to balance within that medium term.

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