Luke Howarth (Petrie, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer please update the House on what the government is doing to support the incomes of hardworking Australians and relieve the cost pressures on the family budget. Is the Treasurer aware of any alternative policies that would actually increase cost of living pressures for Australian families?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Petrie for his question. At the last election, he was returned to this place from one of the most marginal seats in this country because of his advocacy for the government's national economic plan that drives growth in our economy, that drives jobs in our economy, that supports increased hours and that supports better wages so hardworking Australians can support themselves and their families in the face of rising costs of living. Our investment in infrastructure is some $50 billion. We are investing in transforming our defence industries through technological change so that the skills and experience can be acquired to ensure that our defence industries, particularly in South Australia, Western Australia and Northern Queensland have the support they need.

We are supporting investment in science and research to drive new industries and the growth of those industries. We are supporting start-up companies in particular, with access to capital and with discounts for start-up companies on capital gains tax. We are opening up new opportunities in trade in a growing global economy. This is a national economic plan to drive jobs, to drive the growth that Australian families depend on so they can support themselves.

In addition to that, we have delivered tax cuts for full-time wage earners. About 500,000 Australians will now not go into the second-highest tax bracket because this government delivered on its promise to ensure that those average wage earners did not go into that second-highest tax bracket. We do not recoil from our commitment to ensure that companies are not burdened with the uncompetitive tax environment which the Labor Party want to impose on them. We remain absolutely committed to seeing businesses remain competitive in this global economic environment so they can drive their own investment that drives the jobs that are important.

On top of that, we are determined to ensure that we address the significant energy challenges that are faced by householders and businesses. The Prime Minister's visionary announcement for Snowy mark 2 is absolute proof positive of this Prime Minister's vision and the opportunist Leader of the Opposition's complete lack of vision and of any interest in the economic advancement of this country. We will absolutely and outright oppose the kamikaze energy policies of those opposite. We oppose their 50 per cent Renewable Energy Target or whatever it is called this week—an ambition, a goal, a thought bubble or whatever they want to call it—because we know that will put up prices for Australian households and Australian businesses. Their energy kamikaze policy is designed to drive business out of business, kill jobs and drive investment offshore.