Llew O'Brien (Wide Bay, National Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on why it is important for the government to deliver on its economic plan to drive growth and generate more jobs for hardworking Australians? Is the Treasurer aware of any alternative approaches?

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

I thank the member for Wide Bay for his question and his support, as there is the support from all members on this side of the House, for the government's strong plan to grow our economy for jobs and growth. We have a plan for jobs and growth and we are sticking to it on this side of the House, because we know how important it is to stick to strong plans that deliver on the ground for Australians, and our plan for growing jobs and growth in this country is working. The results are there: over 400,000 jobs last year, 1,100 jobs a day; and the lowest level of welfare dependency for the working-age population in this country in 25 years. There is more to do, and this government has a plan to get on and do it.

As I just reminded the House then, Labor have lost their economic compass. They cannot find their way around the economy. They used to believe in things. The shadow Treasurer once famously said:

… it's a Labor thing to have the ambition of reducing company tax, because it promotes investment, creates jobs and drives growth.

Yet, when we ask him to vote for it, he evaporates. His economic credibility simply evaporates.

Labor are running out of excuses for their opposition to the government's plan to reduce the tax burden on business. We have the member for Rankin, who went out there and said the Trump tax cuts have nothing to do with lifting growth in the economy. Only hours later, the IMF comes out and puts up its global growth forecast—the world forecast for growth—on the back of the Trump tax cuts. On top of that, the shadow Treasurer says, 'We can't afford it.' So why did the shadow Treasurer say back in 2013, 'We currently can't afford it'? He praised the UK government—and I quote—for reducing company taxes to 21 per cent when the United Kingdom was 'facing a much tougher fiscal situation'. We had the Leader of the Opposition say in 2011 that cutting the company tax rate is an important step. The deficit that he had at that time in government was $41 billion and rising.

They say it's unaffordable. The shadow Treasurer says that we can't have company tax cuts and retain our AAA credit rating. Well, S&P hit that out of the park when they confirmed our AAA credit rating with a budget that included our company tax cuts. The shadow Treasurer's economic compass cannot find true north, because, when you believe in nothing, no-one will believe in you.