Senate debates

Wednesday, 4 May 2016

Questions without Notice

Budget

2:09 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Edwards, the chair of the Senate Economics Legislation Committee for that question.

As I was saying, last night the Treasurer delivered the government's plan for jobs and growth. Last night the Treasurer delivered our plan to secure the successful economic transition for resource-investment-driven growth to broader drivers of growth in a diversified, stronger and innovative economy. He delivered our plan to live within our means by getting our budget onto a sustainable foundation for the future.

Our plan includes innovation in science programs for start-up businesses. Indeed, earlier today the Senate passed one of the key features of our plan, our innovation and science agenda, in the incentive arrangements that we are putting in place for start-up businesses. Our economic plan for jobs and growth includes our defence plan for local high-tech manufacturing and technologies, spearheaded by my good friend and valued colleague the Minister for Defence, Senator Payne. It includes our export trade deals to generate new business opportunities across key markets in our region, with the best trade minister ever, in then Minister Andrew Robb, having finalised trade agreements with China, South Korea and Japan, and with the new trade minister, Mr Ciobo, now focusing on India and Europe to further improve the opportunities for Australian exporters to access those markets and be successful in those overseas markets.

We have, of course, delivered tax cuts in this budget: tax cuts to average weekly earners and also tax cuts for small- and medium- size businesses and, over time, bringing the company tax rate down to 25 per cent—something that last year the Labor leader, Bill Shorten, said was something that we should work on together on a bipartisan basis. How things have changed! They are now into the class warfare. We on this side know that a more competitive company tax rate is good for jobs and growth. (Time expired)

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