Eric Abetz (Tasmania, Liberal Party) Share this | Hansard source

The reassuring thing about Senator O'Neill's speech is that we all know she does not believe what she said. We also know that Senator Wong and others, in their contributions in this debate, do not believe what they have been saying. Indeed, Senator O'Neill quoted the Leader of the Opposition in her contribution in this place earlier today. But let me remind the Senate of where Senator Wong actually stands in her heart of hearts. She said to the Senate:

We understand that the cut in the corporate tax rate is important to increase productivity, to promote broad based economic growth and to encourage more investment and jobs across Australia.

She has also said:

… lowering of the company tax rate is good economic policy.

This is what the Labor Party understood. They still understand it but they simply can no longer say so to the Australian people—for cheap, mean, political purposes. The Labor Party know that corporate tax cuts do translate into more jobs and wages growth. How do we know that the Labor Party believes that? Because they have said so. Indeed, it goes 'up and down the income ladder'. The Labor Party believe that. How do we know the Labor Party believe that? Because they have said so.

Allow me to quote none other than Labor's current leader, Mr Shorten, from when he addressed the Australian Council of Social Service national conference just a few years back. He said:

Friends, corporate tax reform helps Australia's private sector grow and it creates jobs right up and down the income ladder.

So much for Senator O'Neill's ugly, divisive commentary about 'people growing fat'! No, Mr Shorten himself acknowledges that this helps people at the lowest rungs of the income ladder. And the good news is that, within one year, about 70 per cent of people—and within two years it is over 80 per cent—have climbed from the lowest rung onto the next rung and are on the way up the ladder of aspiration. We Liberals absolutely salute them because we want every Australian to have the opportunity to have a job and experience wages growth. That is what this plan does; this is what this plan delivers This is not on the say so of Prime Minister Turnbull or Treasurer Scott Morrison but of former Prime Minister Julia Gillard, current Labor leader Bill Shorten, economics spokesperson for the Labor Party Dr Andrew Leigh and Senator Penny Wong—and the list goes on.

The Australian Labor Party knows how good this policy is because it delivers a social dividend for the Australian people in jobs and wages growth. Yet they have the temerity, they have the audacity—indeed, they have the indecency—of today trying to tell the Australian people that somehow policy that was good only a handful of years ago is now destructive of Australian society.

I say to the Senate, and especially to those crossbenchers who are still thinking about it, that the Labor Party knows that corporate tax cuts translate into job opportunities and wages growth. How do we know that? Because they've told us so, time and time and time again. This is not one outburst by one Labor spokesman; this has been a continual thread of Labor policy—which, might I add, is one of those rare lucid moments that the Australian Labor Party has had when it comes to economic policy. We had a bipartisan approach on this some years ago. But today, for cheap political reasons, the Australian Labor Party seek to divide the Australian community, knowing that in so doing they deny our fellow Australians who are unemployed a job opportunity. And they seek to deny those who are employed, struggling with managing the household budget, the opportunity of an increased income.