Jonathon Duniam (Tasmania, Liberal Party, Shadow Minister for Environment, Fisheries and Forestry) Share this | Hansard source

The opposition will not be opposing this legislation, the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022. Indeed, it was coalition policy in government—part of a significant program of reforms to assist small businesses by the former coalition government. It is worth noting, however, that the measure in this bill was one that blew a $500 million black hole in Labor's budget before it was even handed down. Prior to the election Labor claimed its policy to increase penalties under the Competition and Consumer Act 2010 would raise $557.7 million in its first four years. But Treasury's costings of the government's legislation show it will raise a mere $63 million in its first four years. Helpfully, the Assistant Treasurer clarified the government position on this black hole in a media interview recently, where he said: 'We've got to wear that. Obviously it's regrettable, but we've got to wear that and we've got to find other areas to ensure those savings are made up.'

In the budget handed down this week, we saw that the only new change to the tax system announced in the budget was a new tax on investments. Labor's sneaky new tax will slug people who invest their own savings and superannuation. Despite ruling out these changes before the election, Labor will hit retirees and investors with a new $555 million tax, depriving investors of franking credits which they have previously relied on. In classic Labor fashion they've mixed up their sums and introduced a new tax to pay for it. Labor want you to work hard so they don't have to. The opposition will be supporting this bill but will not be letting Labor off the hook on their failure to manage the budget, and we won't be supporting their higher taxes to pay for their poor budget management.