Andrew Laming (Bowman, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer, who's securing the nation's prosperity with budget surpluses that actually happen. Will the Treasurer update the House on how families will benefit from lower taxes as a result of the government's strong economic management, including in my Redlands electorate of Bowman?

An opposition member: It's from 1989, that shirt.

Opposition Members:

Opposition members interjecting—

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Mr Speaker, I thank the member—

An opposition member: It went with a mullet!

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

The Treasurer will pause for a second. Members on my left! I understand the issue. I've recovered now. I think you should have as well.

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Thank you, Mr Speaker. I thank the member for Bowman for his question and I'm glad he's wearing a shirt from 1989—the year that Labor last delivered a surplus. It was 30 years ago. The Berlin Wall was still standing, The Simpsons had their first episode, and I had a mullet! They were the days!

As I said on budget night, the budget is back in the black and Australia is back on track with a surplus of $7.1 billion in 2019-20, a surplus of $11 billion the next year, a surplus of $17.8 billion the year after and a surplus of $9.2 billion in the year after that—surpluses of $45 billion over the forward estimates. We on this side of the House know how to balance budgets. The Labor Party always deliver you bigger and bigger deficits and higher and higher taxes.

In the member for Bowman's electorate, more than 16,000 small businesses will benefit from the instant asset write-off that's now been extended to $30,000 and to companies with turnover of up to $50 million. In the member for Bowman's electorate, more than 68,000 income earners will benefit from the tax cuts we have announced, which will go to 13.3 million Australians, as a result of our sound fiscal management.

At the end of the day, we believe there needs to be a discipline with tax and there need to be limits to the amount that the Australian people are taxed, because, at the end of the day, it's not the government's money; it's the people's money. We want to return more money to the people of Australia at every opportunity. But, every step of the way, we're blocked by those opposite, because the Labor Party do not believe in lower taxes.

Tonight the Leader of the Opposition will give his budget reply speech. But whenever he opens his wallet the Australian people need to check theirs, because he's coming after their money. Whenever the Leader of the Opposition makes a promise, the Australian people need to ask a simple question: what taxes is the Leader of the Opposition increasing to pay for his promises? We are spending record amounts—on hospitals, on schools, on roads and on infrastructure linking our regions to our cities—without increasing taxes. That's our record and that's what's in our budget. Only the coalition will deliver more jobs, higher growth and lower taxes.