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

We are pursuing reform to our business tax arrangements because we care about working families around Australia. We want working families around Australia to have the best possible opportunity to get ahead. We want them to be able to get a job. We want them to have job security, to get a better job, to get better pay, to pursue career opportunities here in Australia.

Do you know what? Nine out of 10 working Australians work in a private sector business. Their future job security, their future career opportunities, their future wage increases depend on the future success and profitability of the businesses that employ them. When we put them at a competitive disadvantage by charging higher taxes here than those charged by competitors in other parts of the world, when we make it harder for them to be successful, we are hurting the workers. Don't take my word for it. That is what the shadow Treasurer, Chris Bowen, said as late as September 2015. You know the only reason why Labor changed its tune? It's because we made it policy seven months later in our 2016-17 budget.

Chris Bowen as late as September 2015 said, 'We must reduce the business tax rate to 25 per cent.' That wasn't when you were in government; that was during your period of opposition. Shadow Treasurer Chris Bowen said, 'We must reduce the business tax rate to 25 per cent.' He also said it won't be an easy thing to do. That is true, because too many people play politics with this. In the Labor Party, in their heart of hearts—well not everyone in the Labor Party, but the people on the Right of the Labor Party, in their heart of hearts, know that it's actually important to give businesses the opportunity to succeed into the future so that they can hire more Australians and pay them better wages.

But Bill Shorten has capitulated to the Left of the Labor Party. He has sold out on national interests. He's sold out the working families of Australia. The working families of Australia need their Senate to support our business tax cuts in full so that they can hire more Australians and pay them better wages and so that families around Australia can get ahead. (Time expired)