House debates

Wednesday, 24 November 2021

Questions without Notice

COVID-19: Economy

2:30 pm

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

I thank the member for Herbert for his question, and I acknowledge his distinguished contribution to our country in uniform, his support for mental health initiatives and his support for veterans across his community. The largest barracks in Australia are in Townsville. He understands the importance of cutting taxes and of business investment incentives across his electorate and across the country. Wulguru Group, a mobile crane group in his electorate, has benefited from those investment incentives to purchase 10 additional mobile cranes. It's a steel fabrication business, and it has used those tax investment incentives to grow the business and to continue to employ Australians.

We as a country have responded to the greatest economic shock since the Great Depression with programs like JobKeeper and the cashflow boost, with $750 payments to pensioners, carers, veterans and others on income support, as well as by continuing to provide tax relief—tax relief that has seen more than $10 billion go to more than 11 million Australians in the last three months. Business investment incentives have seen machinery and equipment growth up at its highest level in more than two decades. And, of course, we have cut company tax rates to their lowest level in 50 years. Australia has been able to maintain its AAA credit rating through this crisis. Australia is one of only nine countries in the world to have a AAA credit rating from the three leading credit rating agencies.

Our policies are about driving the creation of more jobs and lowering taxes so Australians can keep more of what they earn. But the alternative policies to be put at the next election are the higher taxes proposed by those opposite. How do we know? Because they took $387 billion of higher taxes to the last election. Do you remember the member for Rankin saying he was proud and pleased about the retirees housing tax? Do you remember the member for McMahon saying to the Australian people, 'If you don't like higher taxes, don't vote for us'? Well, they took him literally. Do you remember the member for Sydney saying Labor's tax policies were well designed and that the Australian people would be relaxed about it when they understood the detail? And do you remember the member for Maribyrnong attacking what he called retirees hitting golf balls, effectively, from the backs of their yachts? Then, when the Leader of the Opposition was asked—


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