Melissa Parke (Fremantle, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer and the Minister Assisting for Deregulation. What is the government doing to bring down a responsible budget and to deliver strong economic management? And why is this important for all Australians?

David Bradbury (Lindsay, Australian Labor Party, Assistant Treasurer ) Share this | Link to this | Hansard source

I thank the member for Fremantle for her question. Of course, strong economic management is important, and our economy is one of the strongest in the developed world, with low unemployment, contained inflation and low net debt. With a record pipeline of investment and half a trillion dollars worth of investment coming into the resources sector, our economy is one of the strongest in the developed world. And we are returning the budget to surplus in 2012-13 and we will be doing that in a way that spreads the benefits of the mining boom.

I am pleased to say that, far from the commentary that we hear from those opposite, this House has already passed a number of significant budget bills. These bills will ensure that we spread the benefits of the boom to hardworking Australians. We have already passed the appropriations bills and we have passed the schoolkids bonus but, of course—no thanks to those opposite—we have always passed a number of important and sensible savings measures. But, of course, those opposite have no interest in supporting families and they have no interest in supporting responsible economic management and returning the budget to surplus.

This week we have seen those opposite come into this place and oppose a number of key corporate tax revenue measures. These are important measures that are about protecting the tax base, and they have opposed them. They are measures like the cross-border transfer pricing rules. These are important rules that will ensure that, where corporations seek to shift their profits offshore to avoid paying tax in Australia, we will have rules in place to ensure that they pay their fair share.

Those opposite came into this place and opposed these reforms.

Bruce Billson (Dunkley, Liberal Party, Shadow Minister for Small Business, Competition Policy and Consumer Affairs) Share this | Link to this | Hansard source

His notes are laminated and seaworthy.

Christopher Pyne (Sturt, Liberal Party, Shadow Minister for Education, Apprenticeships and Training) Share this | Link to this | Hansard source

Seaworthy.

David Bradbury (Lindsay, Australian Labor Party, Assistant Treasurer ) Share this | Link to this | Hansard source

Now, if they were serious about opposing these reforms, they would not just come in here and vote against them. What they would do is, they would tell those taxpayers that they would reverse these measures if they are ever elected. The problem is that if they do that then their $70 billion black hole will become $7 billion bigger, because that was the size of the revenue protection measures that they came in here and voted against—the hypocrisy of them—and then they came in and foreshadowed the fact that they will vote against our sensible reforms, to the withholding rate, when it comes to managed investment trusts. They say that they are opposed to a taxation rate of 15 per cent. When they were in power, it was not 15 per cent; it was 30 per cent. We all remember how they fought tooth and nail to oppose our efforts to lower that tax rate. Now they come in here and they cry these crocodile tears. If they are serious, they will make a commitment to repeal these reforms if they are ever elected, but that of course will lead to a $7 billion black hole on top of their $70 billion.

The opposition leader talks a lot about a wrecking ball but the only wrecking ball Australians have to worry about is the wrecking ball to their budget. (Time expired)

Christopher Pyne (Sturt, Liberal Party, Shadow Minister for Education, Apprenticeships and Training) Share this | Link to this | Hansard source

Madam Deputy Speaker, I request that the minister table his waterproof, seaworthy notes.

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The Manager of Opposition Business will resume his seat.

Mr Hunt interjecting—

Order! The member for Flinders is a perpetual interjector in this chamber, and I want everyone to read standing order 65(b).

Melissa Parke (Fremantle, Australian Labor Party) Share this | Link to this | Hansard source

Minister, you have talked about delivering a responsible budget. What will this mean—

Honourable Members:

Honourable members interjecting—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The member for Fremantle will resume her seat. The member for Fremantle will start her question again and she will be heard in silence.

Melissa Parke (Fremantle, Australian Labor Party) Share this | Link to this | Hansard source

Minister, you have talked about delivering a responsible budget. What will this mean for families and communities like mine in Western Australia?

David Bradbury (Lindsay, Australian Labor Party, Assistant Treasurer ) Share this | Link to this | Hansard source

I thank the member for Fremantle for her supplementary question. Of course, I am happy to inform the House that families all across Western Australia and, indeed, in particular in her electorate of Fremantle will benefit from the responsible measures that we are introducing as part of our budget.

Mr Tony Smith interjecting—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

Does the member for Casey want to stay in the chamber?

David Bradbury (Lindsay, Australian Labor Party, Assistant Treasurer ) Share this | Link to this | Hansard source

In the electorate of Fremantle, for example, our tax reforms will mean that on 1 July we will be delivering a tax cut of $300 or more to 42,000 workers in her electorate. Next year, 8,000 families will see another increase in family payments of up to $600 a year, and around 6,750 hardworking families in her electorate have already started receiving the schoolkids bonus to help meet the education costs of their children, no thanks to the coalition. We know that the coalition say that they do not trust Australian families when it comes to spending their money. In the debate on this matter I saw one member opposite who said that they do not think the money will get spent on education costs; they said that they think this money will be spent on whitegoods, TVs or worse and—hopefully in none, or hardly any, cases—drugs and alcohol and other excesses and vices and things like that.

An honourable member: Who said that?

That was the member for Cowan. That is what the member for Cowan thinks about the hardworking families in his electorate. Well, if the member for Cowan does not trust them, they should not trust him. (Time expired)

Mr Simpkins interjecting—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The member for Cowan has tried my patience enough this week.