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

We don't have an effective corporate tax rate of 10-point-something per cent. We just don't. The only way you can make that false assertion is if you apply the tax paid to turnover, and tax is not applied to turnover; tax is paid on profits. And do you know what? The corporate tax rate in Australia is 30 per cent on profit. It's the second-highest tax rate in the OECD.

Now Mr Shorten is standing up for the big end of town at the expense of Australian workers. He's standing up for the big end of town in the United States, in France, in Sweden, in the United Kingdom, in Canada and in New Zealand. Mr Shorten wants businesses in every other part of the world with lower business taxes to be able to take jobs and investment away from Australia, and Labor should stand condemned for that. That used to be Labor's position. It used to be Bill Shorten's position. It used to be Senator Wong's position. It used to be Mr Bowen's position. You are just playing opportunistic politics, and you're selling out the best interests of working Australians.