House debates

Tuesday, 2 July 2019

Bills

Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019; Second Reading

6:15 pm

Photo of Michael McCormackMichael McCormack (Riverina, National Party, Leader of the Nationals) Share this | Hansard source

I hear the member for Forrest say, 'Maybe'. No. In fact, it was none other than Martin Ferguson, a former senior Labor minister.

Honourable members interjecting

You may well laugh, but he was a former head of the Australian Council of Trade Unions—the ACTU no less. He's a man who obviously understands the Australian economy and the needs of both workers and businesses. His words should be not only listened to but also heeded. I think the members for Hunter and Wills are perhaps already convinced. They know the validity of the Treasurer's argument. They know the validity of this particular bill—because they've already stated it—more so than Martin Ferguson and so many others who've been quite dismayed that the Labor Party cannot work out exactly what it stands for. Listen to the will of the Australian people. Speaking of will, the member for Wills told The Australian that Labor should 'wave the tax cuts through'. A Labor MP said:

Otherwise, we just become the issue. They have a mandate for the tax cuts.

I say to the member for Wills: 'You are correct. You are absolutely correct.' The Liberal-National government offered a broadscale tax cuts package to get cash into pockets and to improve the household budget, and the Australian people said yes. The Australian people said an emphatic yes.

We're working to build a stronger economy for regional Australians, and tax cuts are at the heart of what we're doing. More cash in the hand means less stress paying bills. It means more for a restaurant dinner or a much anticipated holiday. They are very significant tax cuts. Already we've legislated a rebate of up to $530 for 2018-19, but in the April budget we doubled the deal. Now there's a rebate of up to $1,080 for the year that's just ended. That's up to $2,160 for two-income families as soon as your tax return is processed, possibly as soon as next week.

Our plan for stronger regions also includes small business. Instant asset write-off is now up to $30,000 for each piece of capital equipment purchased and is now for companies with a turnover of $50 million a year. Small businesses are paying their lowest company tax rate since 1940. That's only possible thanks to a Liberal-National government, because that's what we do. That's more money into the pockets of hardworking businesses and hardworking Australians. We want to employ more Australians, certainly more regional Australians.

Last month I visited the Nationals Victorian seat of Mallee. We've got a fantastic new member for Mallee in Anne Webster. I met truck salesman Anthony Dalfarra. He said in the days following the election his telephone was ringing off the hook. During the election campaign, I have to say, sales slumped. The phone wasn't ringing off the hook because he and his customers feared that Labor might possibly have won the election. That was his great fear. He told me there's much more confidence in the regional market when there's a coalition government than when people are staring down the face of what Labor could potentially offer. More people have more money in their back pockets when we're in government than when those opposite fill the treasury bench. During the campaign the Nationals member for Flynn—I'm glad he's here to listen to this—and I dropped into a good little butchery shop called Fair Dinkum Meats in Emerald. He remembers it. He's nodding. In Queensland we had a chat with butcher Jason O'Loughlin—a good fellow. Jason said that since the Liberals and Nationals came to government six years ago he's been able to employ 20 more staff because of our instant asset write-off scheme and other policies. Twenty more additional staff—that's fantastic. He's also seen an increase in customers since the election, and they all tell him it's because they feel more comfortable spending because the economy is more secure. You could say they're getting in for their chop, Member for Flynn. More cashflow means more confidence. It keeps people on farms and in towns and mines. It brings new residents to the community. Why can't Labor work that out?

The Leader of the Opposition said during the Treasurer's contribution, 'Show me the money.' Well, I will show you the money. There it is; it's in the budget handed down on 2 April. Now, this is a surplus budget. I know those opposite don't know what a surplus budget looks like.

Mr Albanese interjecting

I'll get on to infrastructure in a minute, Leader of the Opposition! But, Mr Speaker, that is a surplus budget, something that those opposite haven't been able to produce since the late Bob Hawke was Prime Minister.

The Leader of the Opposition, the member for Grayndler, talks about infrastructure, and three times during his contribution he talked about the never-never. Interestingly, the never-never could be described as Australia's outback, and we've put millions upon millions of dollars into the Outback Way. When I was in Laverton in March, in the member for O'Connor's seat, this fellow came up to me—we're funding the Western Australia section to the tune of a considerable amount of money.

Mr Albanese interjecting

It's tens of millions of dollars.

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