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

I thank the honourable member for his question. We know that lower taxes encourage businesses to invest. We know that lower company tax encourages business to invest and to employ. It supports stronger economic growth. It supports more jobs and higher wages. And every Labor leader, including the gentleman opposite, has made exactly that point in defence of reducing company tax. The member for McMahon famously wrote a book about it, so committed was he to it—25 per cent tax. The government has already achieved, through the parliament, a reduction in company tax for businesses with turnover of up to $50 million a year. These are overwhelmingly small and medium businesses, family owned. They employ over half of the private sector workforce. They have been responding to the encouragement we've given by investing and building, and growing their employment.

Today I spoke to Wayne Licht, who is one of the owners of Stubbs Constructions in Burnie. It's an 80-year-old firm. Wayne started off in that firm 40 years ago as an apprentice. Aspiration wasn't a mystery to him—no, it wasn't. He worked hard, he wanted to get ahead and now he owns part of the business. His business has a turnover of around $20 million a year. It has 63 employees.

Ms Chesters interjecting—

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