Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for his question, and note his forensic approach to the history of the member for Lilley and the history of Labor in government. This is important. On 17 February last year the member for Lilley, as Treasurer, announced $1.1 billion in savings relating to research and development tax breaks for the largest companies. He said at the time:

The change will affect less than 20 corporate groups and will ensure this support is better targeted at small to medium businesses.

The media release stated:

Savings from the reforms … will fund Government priorities including measures announced in the Government's Industry and Innovation Policy Statement, A Plan for Australian Jobs.

The next week, the member for Lilley recommitted to this saving, saying to the Australian Business Economists:

We said we would remove the R&D tax concession for large companies with a $20 billion Australian turnover or more, to ensure innovation spending is directed to where it will have the biggest benefit …

He continued:

… so it's a down payment on the repair that the budget needs.

I thought to myself: 'I accept that.' The Labor Party says that they are going to crack down on the 20 biggest companies in Australia who are taking advantage of R&D tax breaks 'in order to fund the budget repair job', in this words. We actually came into government and said, 'Yes, we're going to do that.' Labor never legislated it. We introduced the legislation and Labor opposes it. Labor opposes their own savings measure—not for Gonski, but to fix the budget.

I thought to myself, 'Why would they do that? Why would they go back on the word of the member for Lilley?' I came across the answer, because the very sloppy member for McMahon, who does not know the difference between gross debt and net debt, does not know the currency of China—

Barnaby Joyce (New England, National Party, Minister for Agriculture) Share this | Link to this | Hansard source

He doesn't know where regional Australia is.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

He does not know the difference between regional and metropolitan Australia. The member for McMahon said:

Now, you're referring to one specific tax change, which the previous government did flag to fund Gonski.

Nothing of the sort! I thought to myself, 'He surely can't keep getting it wrong!'

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

You said, it Joe. You said it.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thought, 'The member for McMahon surely can't keep getting it wrong.' Then I heard the Prime Minister just then quoting the member for McMahon:

… the government has returned the budget to surplus three years ahead of schedule and ahead of any other major advanced economy …

I thought, 'Well, that's the mantra of the Labor Party.' And I thought, 'Swanee said that and he got it wrong.' And then I looked at the date of the statement. The statement from the member for McMahon was two years ahead of the member for Lilley. Hang on! He was claiming on 13 May 2010, on Fran Kelly's ABC National program, that they had delivered surpluses. He was even ahead of the worst Treasurer in Australian history. No wonder he is writing a book about treasurers!