James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Jobs and Innovation, Senator Cash. Can the minister update the Senate about how the Turnbull government's personal income tax cuts for individual Australians are helping our economy and supporting job creation?

Michaelia Cash (WA, Liberal Party, Minister for Jobs and Innovation) Share this | Link to this | Hansard source

I thank Senator Paterson for yet another question on job creation. The May budget demonstrated yet again that the Turnbull government, those of us on this side of the chamber, are committed—it's in our DNA—to reducing taxes for Australian taxpayers. But why are we committed to lowering taxes for Australians? Because as a government we know—it's in our DNA; it's our core belief—that Australian taxpayers should be able to keep more of their own hard-earned money. After all, it is their money. But we also know that, when we provide tax cuts for Australian workers—which, as I said, enables them to keep more of their own hard-earned money—there is a positive flow-on effect throughout our economy, which, of course, as we know on this side of the chamber, also leads to job creation.

As senators on this side of the chamber know, since we were elected in 2013 more than one million jobs have been created. The number of people in jobs is at a record high. Tax cuts for individual Australian workers enable millions more Australians to have money in their pockets. What can they do with this money? They can spend it in retail stores, in restaurants, in cafes, on entertainment and on purchasing goods and services, and this economic activity, in turn, creates more jobs. Why? Because the businesses are able to grow and, when they grow, they're able to create more jobs and employ more Australians. But tax cuts for individuals are only one part of our overall plan to grow businesses and create jobs for Australians. As a government, we will continue to implement policies that ensure our businesses are able to prosper and grow and create more jobs for Australians. (Time expired)

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

Senator Paterson, a supplementary question.

James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

Why is it important for our nation's leaders to support tax cuts for Australian workers?

Michaelia Cash (WA, Liberal Party, Minister for Jobs and Innovation) Share this | Link to this | Hansard source

Every single one of us in this place, as leaders, should be working hard to ensure that Australians pay less tax. But it is a reality, and it's a very sad reality, that only a coalition government, not those on the other side, are committed to tax cuts for Australians. We will do everything that we can to ensure that Australians are able to keep more of their hard-earned money. As I said, it's their money and we want them to keep more of it so that, again, they can go out and spend this money on retail, on buying goods and services, at restaurants and at local businesses and stimulate economic activity, and we're achieving this aim. By 2024-25, 94 per cent of Australians will pay a marginal tax rate of less than 32.5 per cent, but you only get that under the Turnbull government. (Time expired)

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

Senator Paterson, a final supplementary question.

James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

Is the minister aware of any risks to the government's plan to cut taxes and create jobs?

Senator Sterle interjecting—

Michaelia Cash (WA, Liberal Party, Minister for Jobs and Innovation) Share this | Link to this | Hansard source

(—) (): I hear Senator Sterle, a fellow Western Australian, laughing at the question. But the reality for Australians is this: there is a very, very stark choice at the next election: a coalition government, which have in their DNA lower taxes and job creation, or those on the other side, who are proudly wedded to their policies of raising taxes on not just Australian individuals but also Australian businesses. We will continue to deliver our legislated tax cuts. Why? Because we want more Australians to keep their hard-earned money. And, in relation to our small and medium businesses, we want them reinvesting back into their businesses because, when they reinvest, they're able to prosper and grow, and a business that prospers and grows, as we know, creates more jobs for Australians. So the choice at the next election is clear: the coalition government will deliver lower taxes, whilst those on the other side, Bill Shorten and Labor, will deliver higher taxes. (Time expired)