John Alexander (Bennelong, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister update the House on the delivery of the government's National Economic Plan? In particular, how will our tax cuts benefit more than 500,000 middle-income Australians and how will the expanded Singapore-Australia Free Trade Agreement provide more opportunities for Australian exporters?

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the honourable member for his question and note that his electorate is a hive of industry, innovation and exporters. The government is getting on with the job.

Mr Leigh interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Fenner.

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

We are delivering a National Economic Plan that boosts growth and jobs, improves the living standards of every Australian and secures the future for our children and our grandchildren.

Mr Leigh interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Fenner is warned.

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Our polices are pro-jobs and pro-investment. This week alone we have delivered income tax cuts that will benefit more than 500,000 middle-income Australians; we have enhanced and expanded the Singapore-Australia Free Trade Agreement, meaning more opportunities for Australian exporters and more investment at home; and we passed legislation to protect emergency services volunteers, including the volunteers—the heroes—of Victoria's Country Fire Authority from attacks by militant unions. The Labor Party, by contrast, is interested only in playing political games. Their polices are anti-investment and anti-trade and will fail to deliver the economic growth and the jobs that we need.

Our tax system must be fair. It must encourage people to work hard, to invest, to save, and it must reward sensible risk taking and entrepreneurship. This cannot be achieved with income tax rates and scales that discourage additional effort. No country has ever taxed its way to prosperity. The government's income tax cuts, which apply from 1 July this year, increase the upper threshold of the 32½ per cent bracket from $80,000 to $87,000. This means that more than half a million middle-income Australians will continue paying 32½ per cent marginal income tax instead of being pushing into the higher 37 per cent rate over the next three years.

The government is also delivering for the thousands of Australian exporters and small and medium businesses seeking even greater access to the growing markets of Asia. The amended Singapore-Australia Free Trade Agreement offers enormous potential for our exporters, particularly those in services, to boost trade with Singapore—already Australia's largest trade and investment partner in South-East Asia. This is a big win for our services sector, delivering greater access for engineers, accountants, financial planners, lawyers and education providers to sell their services to Singapore. Commenting on the deal, PwC's Asia Practice leader, Andrew Parker, said:

This upgraded SAFTA is unique in its focus on skills, mobility, and education, which are vital to our services exporters, rather than the usual removal of trade tariffs.

We are getting on with the job of delivering jobs and growth for now and for the future.