Michael Sukkar (Deakin, Liberal Party, Assistant Minister to the Treasurer) Share this | Hansard source

Thank you, Madam Deputy Speaker. Can I thank everyone for their contributions. Can I say specifically to the honourable member who has just asked a succession of questions that this government is absolutely determined to ensure that it does not bequeath to the next generation ever-higher debt. The member was right to point out in his questions that the trajectory of the level of debt that we inherited when entering government was significantly worse than where we are now, notwithstanding all of the obstructionist approach we have seen in the Senate to reducing the debt and reducing the rate at which the debt has grown.

I can assure the member that we are committed to delivering on the corporate tax cuts that he referred to in his questions. Yes, by reducing corporate tax rates and becoming more internationally competitive, we attract investment to this country, and by attracting investment to the country we obviously grow and provide better and higher paid jobs, and it also has the benefit of improving our budget bottom line. The forward estimates and the projections of Treasury are clear in that respect.

Just briefly, Madam Deputy Speaker, on housing: the member is right to point out in his questions that the failed experiment of removing negative gearing has been seen before in this country. It was tried in the 1980s. It was hastily abandoned because it had a devastating impact on our housing market, and it had a devastating impact on those who could least afford it, the 30 per cent of people who rent, the forgotten people in the housing market. If you remove negative gearing, you increase rents. We know it. This is not hypothetical. We have seen it all before. So I want to thank the honourable member for his questions. In fact, I want to thank all honourable members for their questions in this consideration in detail.

Expenditure agreed to.

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