Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

My question is to the Minister for Finance, Senator Cormann. What is the revised total cost of corporate tax cuts over the 10 years from 1 July 2018, both legislated and proposed to be legislated by the government?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to 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.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Wong, a supplementary question.

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

My supplementary question is again: what is the total cost of corporate tax cuts over 10 years from 1 July 2018, both legislated and proposed to be legislated by this government? This is the charade we went through in the 2017 budget and the 2016 budget when they wouldn't give us the cost. Then they wouldn't give us the revised cost. We are asking for the revised cost, given the budget handed down last night, of the plan.

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

I refer Senator Wong to the budget papers, which show the expected company tax receipts over the forward estimates. That is provided in the usual way. As I've indicated to Senator Wong, the medium-term cost of the unlegislated component of the enterprise tax plan, which is currently before the Senate, is $35.6 billion over the period from 2016-17 to 2027-28.

Let me say that the Labor Party, with shifty Bill Shorten, as he usually does—

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Wong, on a point the order?

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

Is he going to withdraw that, Mr President?

Scott Ryan (President) Share this | Link to this | Hansard source

I will ask the minister to withdraw. I was waiting for you, Senator Wong, to request.

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

I withdraw. Mr Bill Shorten is out there talking about a tax giveaway of $80 billion to the big end of town. He knows that to be untrue.

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

Mr President, I raise a point of order on direct relevance. If it's untrue, Minister, answer the question.

Scott Ryan (President) Share this | Link to this | Hansard source

Order, Senator Wong! The minister is being directly relevant to the question.

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

Clearly Mr Shorten thinks that a business making more than $2 million is a big business. Clearly Mr Shorten thinks that every Australian working in a business with a turnover of $2 million is part of the big end of town. Mr Shorten is dishonest, he is deceiving the Australian people and, if he ever were to become Prime Minister, all Australians would be worse off, lose their jobs and end up on lower wages. (Time expired)

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Wong, a final supplementary question.

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

Why do this minister and the Prime Minister believe it is appropriate to refuse for three years in a row to tell the Australian people, until it's dragged out of them, the cost of their big company tax cut giveaway to big business? Why does it have to always be dragged out of them, while they're kicking and screaming, how much money they want to give to the big end of town?

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

On this side of parliament, we care about the opportunities for hardworking Australians to get ahead. Nine out of 10 hardworking Australians work for a private sector business. If we continue to disadvantage the businesses that employ them, compared to businesses in other parts of the world, we put their jobs at risk and we put their future wages at risk. There won't be any wage increases because the Labor Party wants to keep a high tax on people's jobs by putting Australian citizens at a disadvantage—

Senator Wong interjecting—

Scott Ryan (President) Share this | Link to this | Hansard source

Order on my left. Senator Wong! Senator Cameron, on a point of order.

Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Link to this | Hansard source

This is a simple question: how much will this cost the Australian public? The minister should be called to order on the rhetoric we're getting now.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Cameron, that was part of the question. The minister has been directly relevant. I might say, even with Senator Cormann's rather loud voice, it was getting difficult to hear his answer. I called order in the chamber on my left. There are opportunities to ask further questions and debate it after question time.

Ian Macdonald (Queensland, Liberal Party) Share this | Link to this | Hansard source

Point of order: I'm struggling to hear Senator Cormann. Senator Wong continually yells. She not only yells at Senator Cormann; when you were making your point, she continually yelled at you. She might be Leader of the Opposition in the Senate, where she'll always be, but she should be required to perform to the same standard as every other senator.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Macdonald, I don't think anyone in this chamber has a halo on interjections. I will ask everyone to keep in mind the requirement that senators be heard in silence. Senator Cormann.

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

No Australian government provides a running update on legislated budget measures. No Australian government provides—

Opposition senators interjecting—

Scott Ryan (President) Share this | Link to this | Hansard source

Order on my left!

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

On a point of order, Mr President: Senator Wong is clearly not interested in the answer to the question. She asked a question and she is actually talking to her people.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Cormann, you're entitled to answer the question in those terms. That wasn't a point of order. I'll call you to continue your answer if you wish.

Opposition senators interjecting—

Order on my left! I didn't even get to count to three before I could start to not hear Senator Cormann.

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

No Australian government, including the government that Senator Wong was part of for six years, provides a running update on legislated budget measures. They are reflected in the budget estimates as appropriate and the information is there for all to see.