Andrew Wallace (Fisher, Liberal Party) Share this | Hansard source

I rise in support of the Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019 this evening. It is a very appropriately named bill. Labor are absolutely all at sea when it comes to whether they want to support this bill. There are some sensible members opposite—although not enough—such as the member for Wills and the member for Hunter. They seem to be the only ones who understand the lesson that Labor should have learned at the last federal election, that federal election that was only six weeks ago. But Labor just don't get it.

The member for Rankin, the shadow Treasurer, was the co-architect of Labor's $387 billion worth of planned additional taxes. Who could forget Labor's planned elimination of negative gearing? Who could forget Labor's plan to abolish franking credits or to halve the capital gains tax discount? The shadow Treasurer was the co-architect of $387 billion worth of planned additional taxes. Bear in mind that the member for Rankin, who is now, as I said, the shadow Treasurer, was the chief of staff of that economic giant the then member for Lilley. That was during the heyday of the Rudd-Gillard years, when the now member for Rankin advised the then member for Lilley on all things related to finance. He was the shadow finance minister in the lead-up to the election. He had his footprints and his fingerprints all over Labor's finance plan in the lead-up to the election. The Assistant Treasurer remarked that a sensible leader would have punted him to the back bench, yet those opposite actually promoted him—go figure!

The member for Rankin, the shadow Treasurer, says that Labor has a plan. The problem is that he didn't say which plan he was talking about, because Labor has had a few plans on this particular bill. You can look at the various positions that they have had in just the last few days. They said that they don't support these tax cuts because it will benefit the top end of town. The reality is that these tax cuts are targeted towards low- to middle-income earners. They are the sort of constituents that those members opposite purport to represent. Those opposite then said they won't support the tax cuts. Those opposite argue that they shouldn't be asked to commit to a tax cut in the medium term, but they have absolutely no problem in saddling up the Australian people to long-term spending commitments. They have absolutely no problem doing that whatsoever. Labor have no problem with any type of long-term spending plans, yet they won't commit to long-term tax cuts.

Labor suggest that the Australian economy can't afford these tax cuts. The hypocrisy from those opposite is absolutely breathtaking. Six weeks ago they were arguing to the Australian people that they wanted an increase, which was $387 billion worth of additional taxes. That was just six weeks ago. The co-architect of that plan is now coming in here and saying, 'No, no. All Australians should be getting a tax cut.' You can't have it both ways.

See this speech in context