Michaelia Cash (WA, Liberal Party, Minister for Women) Share this | Hansard source

Again, as I said, the government introduced the amendment because publication of the taxation information of these companies would have, effectively, disclosed the owners' financial affairs and posed a risk to their position in the market by making key economic information available to their competitors and suppliers. Because it appears that we are going to be going through until 12.45 pm, if I could perhaps take a few minutes, for the benefit of those in the gallery, and for the benefit of those listening to this debate on broadcast, to explain what we are, in fact, debating. We are debating multinational anti-avoidance law. This is all about ensuring that in Australia we have some of the strongest integrity rules in the world. That is something that, as Australians, we should be very proud of.

When we ascertain that there are multinationals who are artificially structuring to avoid tax being paid in Australia by booking revenue offshore from Australian sales, as a government we should do something about that. Why? Because, obviously, these companies have an unfair advantage over local businesses, over families and over small businesses, who end up shouldering the greater tax burden. What this ultimately does is to undermine confidence within the Australian taxation system. Again, it might surprise those listening and those in the gallery that the opposition do support this bill. You would not yet think that by the manner in which they are behaving, but they do support this bill. Before the end of today and perhaps before we go to senators' statements, given that this is a bill that is going to ensure that multinationals engaging in deliberate tax avoidance have to pay tax in Australia, I would hope that this bill does pass the Senate.