Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

I thank the member for Bass for her question. Firstly, can I congratulate you, Mr Speaker, on your elevation to this very important position. The member for Bass has been a local mayor in her local area, a farmer and someone who's dedicated to the people across her community. There are more than 40,000 constituents across the member's electorate who are getting tax relief as a result of policies passed by this side of the House.

I can confirm to the parliament that consumer confidence was up again today. In nine out of the last 11 weeks consumer confidence has risen. Business confidence today is higher than pre-pandemic levels. The number of job ads is more than 30 per cent higher than it was going into the pandemic. Female workforce participation today, despite the biggest economic shock since the Great Depression, is higher than when we came to government. The gender pay gap is lower than when we came to government. The unemployment rate is lower than when we came to government.

One of the reasons why the Australian economy has proven to be so resilient and now has the momentum of the economic recovery is that this government has been cutting taxes for Australian families and businesses. The small-business company tax rate is down to 25 per cent, the lowest in 50 years. Business investment incentives have seen machinery and equipment sales at the highest level in 20 years. Income tax cuts have made someone on $60,000—a tradie, a truckie, a teacher or a nurse—$6,480 better off.

I'm asked whether there are any alternative policies. We know that the Labor Party promised $387 billion of higher taxes at the last election. At the next election, they will again deliver higher taxes for the Australian people. The Labor Party, this time, will be a lot more cagey. This time, they will have to sneak into government. They won't come clean with the Australian people about their tax plans. But we know that the shadow Treasurer, the member for Rankin, took a $27 billion tax increase on family businesses to his shadow cabinet earlier this year, and we know that, when it came to the stage 3 legislated tax cuts, he did not support them. Only this side of the House will deliver lower taxes for all Australians.

See this speech in context