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| Labor pursues government over company tax cut costings – question time live | |
| (35 minutes later) | |
| 6.29am BST | |
| 06:29 | |
| Malcolm Turnbull, still looking relentlessly forward. | |
| Mr Speaker, what they propose is a ban on negative gearing which will have the consequence that no Australian who lives by the sweat of his or her brow will be ability to offset an investment loss against their personal income. It might be a salary or wage or professional income. | |
| So that will mean is that somebody who seeks, someone on average earnings or less as is the case with 70% of the people who lodge returns with negative gearing, those people in the future will not be able to purchase an investment property and offset a net rental loss against their income. This will take thousands of people out of the investment market. It will ensure that rents will go up. | |
| Every measure we have set out will drive growth and jobs. | |
| Every single one - trade, innovation, investment, backing enterprise – everything Labor has proposed stands in the way of jobs, stands in the way of enterprise, stands in the way of growth. | |
| Labor’s Tony Burke is up now. He says he thought he’d ask for an extension of time, but he thought the backbench would kill him. | |
| 6.25am BST | |
| 06:25 | |
| It’s slightly bizarre, watching the Turnbull pitch down the barrel in the middle of a parliamentary debate. Not one glance back to the colleagues. Not one. | |
| 6.21am BST | |
| 06:21 | |
| Malcolm Turnbull amends the motion so it would say the following: that this House welcomes and supports the government’s economic plan for jobs and growth. | |
| Now he’s sailing forth, looking down the barrel of the camera for a pre-election pitch. No shouting, just a fireside chat, delivered in the parliament. | |
| Malcolm Turnbull: | |
| We have to continue with this agenda for economic growth. We can’t afford to risk it by changing tack in the way the Labor party would propose. | |
| 6.19am BST | |
| 06:19 | |
| I think he has a stitch #auspol | |
| Pay that. | |
| 6.18am BST | |
| 06:18 | |
| Bowen was completely hoarse by the end of that Castroesque soliloquy. He gets a round of applause from his own side. | |
| 6.12am BST | |
| 06:12 | |
| Chris Bowen: | |
| You thought you could get away with it! | |
| The prime minister thought he was such a good explainer. The world’s greatest debater would get away, he thought, with a ten-year tax cut plan, without explaining what the cost is. | |
| ‘Of course. I will be able to do it. I am of course Malcolm Turnbull’, he thought, ‘self-evident that I will get away with it.’ | |
| He doesn’t get away with it! | |
| Pyne has just extended Bowen for another five minutes. | |
| 6.08am BST | |
| 06:08 | |
| Chris Bowen, continuing. | |
| Weren’t they leaping in their seats in excitement about the coming election ... the members for Tasmania, for the Central Coast of NSW, looking forward so much to going ... of redefining small business as any business under $1bn, giving big business a tax cut – that’s their re-election pitch to the Australian people, almost $17,000 worth of tax cuts to someone on $1m – that’s their big pitch for re-election. | |
| Well, good luck. Good luck with that. But tell the truth about it as you go. | |
| We funded our plans over ten years. The same tests apply to this prime minister. He thinks he’s above it. He thinks he’s the smartest person in Australia. | |
| You might be, I cast no judgment, but you’re still required to be honest with the Australian people. You’re still required to tell the truth. | |
| The prime minister is required to be honest with the Australian people. And if he can’t be, then he doesn’t deserve that trust. He doesn’t deserve that mandate. | |
| The prime minister doesn’t deserve the term in his own right that he so desperately craves. | |
| Updated | |
| at 6.09am BST | |
| 6.01am BST | |
| 06:01 | |
| The government doesn’t move the gag. I suspect Bowen thought the government was going to gag him. | |
| Manager of government business, Christopher Pyne, is grinning like a Cheshire Cat. He thinks Bowen is unprepared for a twenty minute speech. I suspect from Bowen’s high adrenalin opening that he’s right. But Bowen ploughs on regardless. | |
| Bowen is nothing if not relentless. | |
| Chris Bowen: | |
| Well, Mr Speaker, what a budget. What a budget! What a launch of an election campaign. The prime minister is off to see the governor-general and launches his election campaign by not being honest with the Australian people and not being honest about the reasons he’s being dishonest with the Australian people. | |
| He could come clean, stand up and reveal the costs. | |
| 5.55am BST | 5.55am BST |
| 05:55 | 05:55 |
| Here it is. The shadow treasurer, Chris Bowen, is moving to suspend the standing orders. | Here it is. The shadow treasurer, Chris Bowen, is moving to suspend the standing orders. |
| Updated | Updated |
| at 5.57am BST | at 5.57am BST |
| 5.49am BST | 5.49am BST |
| 05:49 | 05:49 |
| Sounds like we are building up to a suspension here. | Sounds like we are building up to a suspension here. |
| Q: Since the government came to office, schools, hospitals and pensions have been cut and the deficit tripled, and now the government is running scared of revealing the 10-year cost of its budget centrepiece. Why is the government delivering the exact opposite of what it promised Australians? | Q: Since the government came to office, schools, hospitals and pensions have been cut and the deficit tripled, and now the government is running scared of revealing the 10-year cost of its budget centrepiece. Why is the government delivering the exact opposite of what it promised Australians? |
| The prime minister is on to what state treasurers think of Bill Shorten. Not much is the short version. | The prime minister is on to what state treasurers think of Bill Shorten. Not much is the short version. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| What the leader of the opposition has done – he is presenting Gillard’s unfunded promises with a fresh coat of paint. | What the leader of the opposition has done – he is presenting Gillard’s unfunded promises with a fresh coat of paint. |
| They call out “rubbish”, Mr Speaker. | They call out “rubbish”, Mr Speaker. |
| Tonight they will tell us where they will fill in the black hole. | Tonight they will tell us where they will fill in the black hole. |
| Updated | Updated |
| at 5.52am BST | at 5.52am BST |
| 5.42am BST | 5.42am BST |
| 05:42 | 05:42 |
| The shadow treasurer, Chris Bowen. | The shadow treasurer, Chris Bowen. |
| Q: I refer to the prime minister’s repeated claims in previous answers that previous budgets have not outlined 10-year costings. Given the 2014 budget outlined $80bn worth of cuts to schools and hospitals over 10 years, why does not this budget reveal the 10-year cost of his budget centrepiece? And why is the prime minister not honestly explaining to the Australian people the reason why he won’t tell them? | Q: I refer to the prime minister’s repeated claims in previous answers that previous budgets have not outlined 10-year costings. Given the 2014 budget outlined $80bn worth of cuts to schools and hospitals over 10 years, why does not this budget reveal the 10-year cost of his budget centrepiece? And why is the prime minister not honestly explaining to the Australian people the reason why he won’t tell them? |
| Malcolm Turnbull: | Malcolm Turnbull: |
| Is that the best you can do? A good question addressed to the shadow treasurer. | Is that the best you can do? A good question addressed to the shadow treasurer. |
| The shadow treasurer knows full well ... | The shadow treasurer knows full well ... |
| Updated | Updated |
| at 5.48am BST | at 5.48am BST |
| 5.32am BST | 5.32am BST |
| 05:32 | 05:32 |
| Labor persists with company tax cut costings. The prime minister persists with not giving them, for the reasons he’s previously invoked. | Labor persists with company tax cut costings. The prime minister persists with not giving them, for the reasons he’s previously invoked. |
| 5.30am BST | 5.30am BST |
| 05:30 | 05:30 |
| The Tasmanian independent, Andrew Wilkie, wants to know about public service jobs in Hobart, given the great big efficiency dividend in this year’s budget. | The Tasmanian independent, Andrew Wilkie, wants to know about public service jobs in Hobart, given the great big efficiency dividend in this year’s budget. |
| Malcolm Turnbull starts out with a statement that Tasmania’s economic future is not served by hiring more public servants but by the economic activity that will come with the government’s jobs and growth plan. I’m not so sure this is the strongest offering Turnbull could be making in sight of an election – don’t you worry about those public servants – given Tasmania (a bit like Canberra) is chock full of them. | Malcolm Turnbull starts out with a statement that Tasmania’s economic future is not served by hiring more public servants but by the economic activity that will come with the government’s jobs and growth plan. I’m not so sure this is the strongest offering Turnbull could be making in sight of an election – don’t you worry about those public servants – given Tasmania (a bit like Canberra) is chock full of them. |
| Someone else evidently thinks a correction is in order too, because a brief arrives about the CSIRO and the new ice breaker and 40 full-time jobs. Turnbull changes course. | Someone else evidently thinks a correction is in order too, because a brief arrives about the CSIRO and the new ice breaker and 40 full-time jobs. Turnbull changes course. |
| Updated | Updated |
| at 5.40am BST | at 5.40am BST |
| 5.25am BST | 5.25am BST |
| 05:25 | 05:25 |
| Bill Shorten again. | Bill Shorten again. |
| Q: Does the prime minister know the Treasury 10-year costing and is simply refusing to say or does he just not know how much the cost of his budget centrepiece will be over 10 years? | Q: Does the prime minister know the Treasury 10-year costing and is simply refusing to say or does he just not know how much the cost of his budget centrepiece will be over 10 years? |
| That question gets flicked to Scott Morrison. Morrison says the government is sticking with conventional budget practice, just like Labor, which had a policy of not releasing 10-year costings. | That question gets flicked to Scott Morrison. Morrison says the government is sticking with conventional budget practice, just like Labor, which had a policy of not releasing 10-year costings. |
| Updated | Updated |
| at 5.38am BST | at 5.38am BST |
| 5.21am BST | 5.21am BST |
| 05:21 | 05:21 |
| A former colleague of mine when we both worked at the Age, Tim Colebatch, has had a stab at the cost in a piece published by Inside Story. As with all his work, it’s very much worth your time. | A former colleague of mine when we both worked at the Age, Tim Colebatch, has had a stab at the cost in a piece published by Inside Story. As with all his work, it’s very much worth your time. |
| Tim says he thinks the cost is $11.5bn a year, rising to $15bn in 2019-20. | Tim says he thinks the cost is $11.5bn a year, rising to $15bn in 2019-20. |
| Tim Colebatch: | Tim Colebatch: |
| We can get an idea of the ultimate cost by applying the 25% tax rate to the expected 2016–17 company tax take. It would cost us (other taxpayers) $11.5bn a year, rising to $15bn by 2019–20. That’s more than the entire budget support for universities and TAFEs combined. | We can get an idea of the ultimate cost by applying the 25% tax rate to the expected 2016–17 company tax take. It would cost us (other taxpayers) $11.5bn a year, rising to $15bn by 2019–20. That’s more than the entire budget support for universities and TAFEs combined. |
| It’s almost four times the amount we give in official development aid (which, net of administration costs, will be just $2.9bn in 2016–17). It’s more than the government will be spending on all transport infrastructure combined. | It’s almost four times the amount we give in official development aid (which, net of administration costs, will be just $2.9bn in 2016–17). It’s more than the government will be spending on all transport infrastructure combined. |
| It’s a big amount to gamble on the hope of a long-term payback. | It’s a big amount to gamble on the hope of a long-term payback. |
| Updated | Updated |
| at 5.36am BST | at 5.36am BST |
| 5.17am BST | 5.17am BST |
| 05:17 | 05:17 |
| Labor is back to the company tax cuts. Turnbull is asked whether the economist Chris Richardson is correct when he says the tax cut will cost $55bn. | Labor is back to the company tax cuts. Turnbull is asked whether the economist Chris Richardson is correct when he says the tax cut will cost $55bn. |
| Turnbull says it depends on what his assumptions are. He might be right, he might not be right – only time will tell. | Turnbull says it depends on what his assumptions are. He might be right, he might not be right – only time will tell. |
| The prime minister says Labor is entitled to ask for these costings but the government will stick with conventional practice. | The prime minister says Labor is entitled to ask for these costings but the government will stick with conventional practice. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| The medium-term projections, also set out in the budget papers, don’t identify the individual line items and they have not and have not been historically provided in the budget papers. | The medium-term projections, also set out in the budget papers, don’t identify the individual line items and they have not and have not been historically provided in the budget papers. |
| What we have done is set out in the budget papers detailed four-year estimates, as has always been the case, and then a medium-term outlook that sets out what the overall outcome of the budget is likely to be over that 10-year period, recognising the many uncertainties that attend such a long projection. | What we have done is set out in the budget papers detailed four-year estimates, as has always been the case, and then a medium-term outlook that sets out what the overall outcome of the budget is likely to be over that 10-year period, recognising the many uncertainties that attend such a long projection. |
| That has always been the case and what honorable members opposite are asking the government to do is to provide a detailed element in the Treasury’s calculation, which it has never been the practice of the Treasury to provide before. | That has always been the case and what honorable members opposite are asking the government to do is to provide a detailed element in the Treasury’s calculation, which it has never been the practice of the Treasury to provide before. |
| Updated | Updated |
| at 5.30am BST | at 5.30am BST |
| 5.13am BST | 5.13am BST |
| 05:13 | 05:13 |
| The first Dorothy Dixer is on Neil Prakash. | The first Dorothy Dixer is on Neil Prakash. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| Mr Speaker, the first duty of every government is the safety and security of the Australian public. No government can guarantee the absolute absence of terrorism but we must not let terror groups like Daesh change us. | Mr Speaker, the first duty of every government is the safety and security of the Australian public. No government can guarantee the absolute absence of terrorism but we must not let terror groups like Daesh change us. |
| We will remain secure and free. We will keep our borders secure and maintain the shared values of freedom and mutual respect for all cultures and faiths that have made ours the most successful multicultural society in the world. | We will remain secure and free. We will keep our borders secure and maintain the shared values of freedom and mutual respect for all cultures and faiths that have made ours the most successful multicultural society in the world. |
| Updated | Updated |
| at 5.27am BST | at 5.27am BST |
| 5.11am BST | 5.11am BST |
| 05:11 | 05:11 |
| The manager of government business, Christopher Pyne, has objected to interjections from the former Labor treasurer Wayne Swan. He says Swan has been swearing profusely. Swan rejects this characterisation. Pyne rises to his feet. | The manager of government business, Christopher Pyne, has objected to interjections from the former Labor treasurer Wayne Swan. He says Swan has been swearing profusely. Swan rejects this characterisation. Pyne rises to his feet. |
| Christopher Pyne: | Christopher Pyne: |
| Mr Speaker, I do not want to repeat the word he was using because that’s exactly what he wants me to do. But he knows ... He knows he just told a gross untruth to the House. The word that he used could not possibly be parliamentary. | Mr Speaker, I do not want to repeat the word he was using because that’s exactly what he wants me to do. But he knows ... He knows he just told a gross untruth to the House. The word that he used could not possibly be parliamentary. |
| I’m happy to write the word down for you and hand it to you, Mr Speaker. But I will not put it on the Hansard and give him the respect that he’s looking for to have that remark repeated. | I’m happy to write the word down for you and hand it to you, Mr Speaker. But I will not put it on the Hansard and give him the respect that he’s looking for to have that remark repeated. |
| The Speaker, Tony Smith, decides to caution Swan, who remains in the House. | The Speaker, Tony Smith, decides to caution Swan, who remains in the House. |
| Updated | Updated |
| at 5.26am BST | at 5.26am BST |