Andrew Leigh (Fenner, Australian Labor Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

It is hard to think of a government that has been as hopeless on multinational tax avoidance as this one, a government that has blown so much hot air about its record on multinational tax avoidance yet done so much behind closed doors to defend multinational tax loopholes. While this government is cutting health spending and education spending, it wants to give $80 billion in corporate tax giveaways to the biggest firms, including $17 billion to the big banks. When we look at multinational profit shifting, we have a government that is defending tax havens at every turn, that is defending tax-shifting behaviour, that is unwilling to crack down on the debt deduction loophole that is currently allowing multinationals to shift profits offshore.

Labor's policies on this have been clear, consistent and strong. Since the beginning of our first term in opposition, we've outlined a package of measures that would close debt deduction loopholes and crack down on inappropriate behaviour by multinationals. Labor believe that multinationals should pay their fair share of tax. We don't believe they should be exploiting loopholes that are not available to regular small businesses. Mums and dads can't turn around in their small corner shop and say, 'We're just going to use a debt deduction loophole.' No, that's not available to them.

Kevin Hogan (Page, National Party) Share this | Link to this | Hansard source

The debate is interrupted in accordance with standing order 43. The debate may be resumed at a later hour, when the member for Fenner will be able to speak in continuation.