Angie Bell (Moncrieff, Liberal National Party) | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer remind the House of the Morrison government's strong record of delivering tax cuts for Australian families and businesses to help relieve cost-of-living pressures, including on the Gold Coast? Is the Treasurer aware of any alternative policies?

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

I thank the member for Moncrieff for her question. She has been an outstanding representative for her community, like others on this side of the House. Three years ago we went to the Australian people and we said we would make our economy stronger, and we delivered. Three years ago we went to the Australian people saying we would help more people get into work, and we delivered. Three years ago we went to the Australian people and we said we would lower taxes, and we delivered.

Today the unemployment rate in Australia, after the first recession in nearly 30 years, is the equal lowest in 48 years, at four per cent. Female unemployment today is at its lowest level since 1974. When those opposite came to government, the unemployment rate was 4.2 per cent. When those opposite left government, the unemployment rate was 5.7 per cent. Under the coalition, there are nearly two million more Australians in work than when we came to government. Our economic recovery has been faster, has been stronger, than that of all major advanced economies in the world—faster than the United States, faster than the United Kingdom, faster than France, faster than Germany, faster than Italy and faster than Japan.

A key part of our economic plan is lower taxes—lower taxes for small businesses, at the lowest level in 50 years—and investment incentives so that businesses can back themselves to grow. And with those record business investment incentives we have seen that business investment is expected to be up by more than five per cent this year and nine per cent next year. Then there are the loss carryback measures—the measures in the budget earlier this week to give a 120 per cent tax deduction to small businesses that go and train their workers, that go and invest in the digital economy. That is what a good economic plan does. It enables—it empowers—the private sector to back themselves to grow and to hire more employees.

We on this side of the House believe in lower taxes—lower taxes for Australian families, with $40 billion already delivered since the start of the pandemic and a legislated three-stage tax plan. Those opposite believe in higher taxes. We remember at the last election they promised $387 billion of higher taxes. Now they're promising a budget after the election where they want to be flexible when it comes to taxation. Well, the Australian people deserve to know—before the next election—how flexible they will be. We on this side of the House stand for more jobs, a stronger economy and lower taxes.