Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. The Deputy Prime Minister, the Treasurer and the Minister for Finance have all failed to rule out increases to taxes on franking credits, negative gearing and superannuation. Given the strength of the economy and the budget confirmed today, will the Prime Minister rule out increasing taxes on hardworking Australians at a time of acute cost-of-living pressures?

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I thank the shadow Treasurer for his question, and I can understand why the Treasurer is so happy with life at the moment—so happy!—because they ask questions about taxes—

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Hume has asked his question.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

See if you can work out what were the two highest taxing governments in the last 30 years, because, to be fair, it wasn't the former government of which they were a part; they just ran second—second to the Howard government, which was even more.

But of course the shadow Treasurer has had a bit to say this week at the CIS. Now, here he is. He gave a speech yesterday promising a back-to-basics approach. And boy did he get back to basics! Here he is explaining inflation.

Honourable members interjecting—

I'm about to quote him.

They're your words.

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Prime Minister will pause and I will hear the—

Government members interjecting—

Order, members on my right. Members on my right—

The Treasurer. The Minister for Resources. When the House comes to order, I'll hear from the member for Hume, on a point of order.

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

Relevance, Mr Speaker: it's a simple question. It's a simple question: will they—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Resume your seat. You don't need to restate the question when you raise the point of order. It was a broad question regarding franking credits, other measures and taxes, and would the Prime Minister rule out increases, dealing with cost of living—a very broad question. I call the Prime Minister.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

And, talking about cost of living, I'm about to quote the shadow Treasurer about inflation, which has something to do with the cost of living. And here's the shadow Treasurer. Now, I read this overnight—you know, you're trying to stay awake, reading the shadow Treasurer's speeches. Now, here it is:

Growing up on a farm, my dad—a farmer—explained in agricultural terms: Inflation is more money but the same number of cows.

That was his great explanation!

The price of a cow goes up, along with the price of everything else.

…

I got it straight away, and I've never forgotten.

Opposition members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Members on my left—

The member for Hume will cease interjecting.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

He used to understand cows, but he's better with bull now! He's better with bull now, because Australians know that those opposite—

Opposition members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

On my left, members will cease interjecting.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

left us with a trillion dollars of debt—deficits as far as the eye can see—after having promised, way back in 2013, a surplus in their first year and every year then on. That's what they promised. That was the basis of the election. They produced the mugs, but they never, ever produced a surplus. And this shadow Treasurer—if that's the best we can do, if that's the best that he can do, then they really are at the bottom of the barrel.

Honourable members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order. There's far too much noise in the chamber. Members on my left and right will cease interjecting. I will hear the member for Bean in silence.