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

(—) (): The answer to that question is no. I have explained this to Senator Leyonhjelm before. Unlike the Labor Party, the coalition has made a commitment not to increase the tax burden in the economy above 23.9 per cent as a share of GDP. That is the same line in the sand—the same cap—on tax as a share of GDP that we have imposed on ourselves in every single one of our budgets. We know that Labor, based on their policy statements so far, are proposing to blow that tax as a share of GDP cap out of the water. Labor are proposing to increase the overall tax burden in the economy, which will hurt investment, hurt the economy, cost jobs and lead to fewer jobs and lower wages. We are absolutely committed to keeping the tax burden as a share of GDP below 23.9 per cent, which is the basis on which all of our revenue forecasts in our budgets are calculated. That is the contrast—23.9 per cent cap on taxes as a share of GDP us and no cap under Labor. (Time expired)