Malcolm Turnbull has promised Tuesday’s budget will be committed to “fairness, opportunity and security”.
The Prime Minister wants to ensure Australians have the opportunity to get ahead through economic growth that provides a better-paying job, or helps them start and grow a business.
A stack of the 2017-18 Budget papers is prepared for distribution. Photo: AAP
“To realise their dreams,” he told reporters in Canberra on Monday.
Mr Turnbull was touring a forensics complex to announce a $321 million boost for the Australian Federal Police’s domestic operations, in a further attempt to beef up national security.
Malcolm Turnbull, pictured in New York, said Australia is planning to cut company taxes. Photo: AP
It was the biggest increase in a decade, he said.
Earlier, the Industry Minister, Arthur Sinodinos, announced a $100 million funding package for manufacturing, aimed at Victoria and South Australia which have suffered the brunt of the demise of car-making.
“We are absolutely committed to supporting the Australian manufacturing sector,” Mr Turnbull said.
The Prime Minister, who has just returned from the US after his first face-to- face meeting with President Donald Trump, said increased investment in US manufacturing was down to the prospect of lower taxes and affordable energy.
That’s why he was taking decisive action to ensure Australia had affordable and adequate gas supplies, and why the government was sticking with 10-year plan to cut company taxes.
The Opposition Leader, Bill Shorten, continued Labor’s attack over the government’s schools funding plan, arguing it was a $22 billion cut over the next 10 years.
“Why does Malcolm Turnbull choose to give $50 billion in tax cuts to wealthy companies but rips off kids and parents? He has got the wrong priorities,” he told reporters in Canberra.
Meanwhile, the Treasurer, Scott Morrison, received some blunt advice on the eve of his second budget from Australia’s richest woman Gina Rinehart – cut spending.
The multi-billionaire mining magnate wants reductions in red tape regulations, compliance burdens and tax rates.
“It’s very frustrating that there’s wastage going on and that so little attention, real attention, is given to making ourselves attractive for investment,” she told News Corp.