Senate debates

Wednesday, 4 May 2016

Questions without Notice

Budget

2:12 pm

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

There is an alternative approach, and it is an approach that would hurt our economy and cost jobs. It is an approach that would undermine our successful transition from resource-investment-driven growth to broader lines of growth in a more diversified economy. It is Labor's approach of taxing more, borrowing more and spending more. It is a failed approach, which was proven to fail when Labor was last in government. When they were last in government they left behind a weakening economy, rising unemployment and a budget position that was rapidly deteriorating.

Today economic growth is stronger, the unemployment rate is lower than had been anticipated and the budget position is improving. Of course, Labor wants to impose more than $100 billion in new taxes on the economy—not to reduce taxes and spare the economy but to spend more. This is exactly the wrong thing to do. It would hurt growth and it would cost jobs. Their ill-thought-out approach to negative gearing, reducing investment; their ill-thought-out approach to the carbon tax, losing investment— (Time expired)

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