Scott Buchholz (Wright, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade, Tourism and Investment. Will the minister update the House on action the coalition government is taking to ensure that the right policies are in place to create and maintain a competitive investment environment? What risks are associated with alternative approaches?

Steven Ciobo (Moncrieff, Liberal Party, Minister for Trade, Tourism and Investment) Share this | Link to this | Hansard source

I thank the member for Wright for his question. The member for Wright was with me last Friday at the A50 Australian Economic Forum in Sydney. In fact, the member for Wright has been a guiding force in helping that event to come together. It's an opportunity to bring together international investors and to showcase why Australia is such a strong investable proposition. He, like me, understands and appreciates that investment in this country, investment that's consistent with our national interest, is pro economic growth and pro jobs. That's why the coalition has been so steadfast in making sure we can provide the commercial certainty that's required and requested by investors from around the world to capitalise on the economic opportunities that we've got.

One thing that was very clear to both the member for Wright and me off the back of this A50 forum is that the global economy is very competitive. Australia competes with other jurisdictions around the world for our share of global capital. In relation to that, what's very clear is that, because of their company tax cuts, the US is a more attractive investment proposition today than they were before those company tax cuts were put in place, which is precisely why this coalition government is pursuing lower company taxes. We recognise that lower company taxes make Australia a more investable proposition. We recognise that lower company taxes will help to drive not only investment into this country but further investment by the business sector. There are some 3.2 million small businesses out there and they are employing around 6.5 million Australians, and lower company taxes will mean not only that they get a greater share of profits into the future but also that they can invest more in the Australian economy which will help to create jobs as well.

He asks about alternatives. Unfortunately, there are some alternatives. What I saw in the Daily Telegraph in this article 'Bill's war on business' were reports that spoke about the Labor Party's alternative, because we know they want higher company taxes. We know they want higher taxes across the board. What that article goes on to make clear is that, when the Leader of the Opposition was asked by the Australian business community what his plans were for the Australian economy, he just said health and education. And they said, 'But what is that going to mean in terms of actual jobs?' He was silent. He didn't have an answer to how Labor plan to deliver one single job. It was also the dinner where he was reported as saying about their candidate in Batman, 'She's hopeless.' The fact is that the Australian Labor Party does not have a plan for jobs in this country. The Australian Labor Party don't even appropriately endorse their candidate in Batman and, in fact, I think I've got a leak from the opposition leader's office—it's Labor's new campaign material for Ged Kearney, with his endorsement. (Time expired)

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

The minister's time has concluded, and he knows the rules on props.