Jim Chalmers (Rankin, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. The Treasurer flagged in September that the government would introduce tax breaks for business investment. It's now March, and still nothing has happened. Does the Treasurer acknowledge this delay has in fact caused businesses to hold back investment decisions for the last six months, at a time when business investment was already at a 28-year low, on his watch?

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

It's a bit rich, coming from the member for Rankin, who took to the last election a tax on family businesses. It's a bit rich coming from the member for Rankin, who talked about an investment allowance which would start in 2021.

Dr Chalmers interjecting —

Government members interjecting —

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

The Treasurer will resume his seat. The member for Rankin will cease interjecting. For members on my right, I'm quite capable of reading a clock too, even one that's going backwards. The Manager of Opposition Business on a point of order?

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for the Arts) Share this | Link to this | Hansard source

The point of order is on direct relevance. The question, while it's a long question, deals very specifically with a single issue and does not in any way deal with alternative policies.

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

I am just going to say that it did have some commentary at the start, and the Treasurer was only, on my account, about 15 seconds into the answer when the Manager of Opposition Business approached the dispatch box. The Treasurer is allowed a preamble by way of introduction, just as I've allowed a preamble in the questions, and some of the preambles in questions are quite long. I flagged before and I might as well flag it again now: if members on both sides are going to have a problem with this, the solution is simple—there will be no preambles in questions or answers. But for me to call the Treasurer back after 15 seconds would be at odds not just with my practice as Speaker but I think with the practice every other Speaker in living memory.

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

In yesterday's national accounts, for the December quarter mining investment was up five per cent. When it comes to a business investment allowance, the Prime Minister and I have made it very clear that this is under serious consideration. We are focused on strengthening the economy, and generating more investment is key to generating more jobs. I do want to say to the member for Rankin that the Australian economy is strong. When it comes to investment in the housing market, we saw that it continues to show signs of improvement. Our export performance has been strong and public final demand, which also involves investment, is strongly contributing to growth. They are not my words; they're the words of the Secretary of the Australian Treasury to Senate estimates this morning.