Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

Unlike those opposite, we are committed to delivering tax cuts to small business and to the broader economy. The Treasurer has released draft legislation today which will ensure that we can cut company tax to help Australian businesses right across the economy including those that are not in the fast lane and those that are facing challenges such as the high dollar. It is legislation that cuts the tax rate for all companies from 30 per cent to 29 per cent for 2013-14 and subsequent income years. And, of course, there will be a head start for small business with the rate applying from 1 July this year—that is, in less than four months time. We on this side understand that this will help small business grow. We understand that the cut in the corporate tax rate is important to increase productivity, to promote broad based economic growth and to encourage more investment and jobs across Australia. But what do we have on the other side? It is interesting. We have opposition yet again— (Time expired)