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

I thank Senator Wong for that question. The medium-term cost for the unlegislated component of the enterprise tax plan currently before the Senate is $35.6 billion over the period from 2016-17 to 2027-28. The projected cost of the unlegislated component of the enterprise tax plan in 2027-28 is around $9.8 billion. There is no new measure in the budget. As Senator Wong would well know, measures in past budgets do not get recosted.

But let us just talk about the Labor Party tax policy, because the Labor Party, based on past costings, want to impose $220 billion in higher taxes on the Australian economy, which will send investment overseas, lower growth, lead to fewer jobs and higher unemployment and, as we get higher unemployment, lead to lower wages. So how much additional tax is the Labor Party going to impose on the Australian economy? Have they updated the costings of their $220 billion tax hit on Australian workers, Australian savers, Australian pensioners and Australian self-funded retirees? Every Australian who moves will be on the receiving end of a tax hike from the Labor Party.

This government believe in the opportunity for all Australians to get ahead. We believe in encouraging and backing hardworking Australians. We believe hardworking Australians deserve the best possible opportunity to get ahead, so we will continue to pursue policies of lower taxes where we can and where that can be responsibly afforded within the budget. We know that Australia's success depends on the success of individual Australians. We understand that the success of all Australians depends on the efforts of every individual Australian doing their best and working hard, and they deserve to be rewarded for their efforts.