Tuesday, 25 May 2021
Questions without Notice
My question is to the Treasurer. Will the Treasurer remind the House of the Morrison government's proud and extensive record of continually cutting taxes to help Australian families to stay ahead? And is the Treasurer aware of any alternative policies?
I thank the honourable member for her question and acknowledge her experience as a professor of paediatrics who has provided care to thousands of children over her professional life, and she does support lower taxes. Indeed, more than 60,000 members of her electorate will receive a tax cut as a result of policies supported by those on this side of the House.
I had the opportunity to meet with Amy and Darren in the member's electorate recently—a young couple; one's a kindergarten teacher, the other runs a small business—and they will benefit from the extension for another year of the low- and middle-income tax offset. With their first child on the way, they're looking forward to that extra tax relief.
In the budget, we had our economic plan to create another 250,000 jobs, and we were focusing on rewarding and encouraging aspiration. That will see an extension to the low- and middle-income tax offset, with up to $1,080 at the end of next financial year for hardworking Australian families. We saw an extension of the immediate expensing provision, which will support over $300 billion of investment in machinery, equipment and other important infrastructure. We also extended the loss carry-back measure, and we introduced a patent box to encourage the commercialisation, through our tax system, of new innovation in biotech and medical technology. Of course we are also cutting the company tax rate for businesses with a turnover of less than $50 million, down to 25 per cent from 1 July, and we have legislated stage 3 of our tax cuts, which will abolish a whole tax bracket.
I'm asked: are there any alternative approaches? When it comes to tax policy, they're a confused lot, those opposite. We know of at least a half a dozen separate positions. The member for Corio says, 'We don't want to stand between anyone and a tax cut,' but the member for Rankin has said he's not a big fan of stage 3 of the tax cuts. The member for Hunter, who's been drinking the truth serum by the litre, has been saying, 'You can't deny the punters a tax cut from opposition.' We would tend to agree with that. But then the Leader of the Opposition has a bet each way. He says: 'We'll wait until we see the state of the budget in May.' Well, we've seen the state of the budget, and we're still waiting.
But the member for Shortland, just yesterday, renewing his membership of the Otis group, said the following: 'The key issue that led to my margin being halved at the last election was that we were taking too many big taxing policies to the Australian people'! That's the member for Shortland. Those opposite are always in favour of— (Time expired)