QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:30): With respect, Senator Canavan, the changes are in relation to borrowing arrangements, and the logic— Senator Canavan: It removes the tax discount. Senator WONG: Well, the borrowing arrangements are not— Senator Cash interjecting— Senator WONG: Well, I'm just making the point that in fact I think the reason that there was concern raised by the Council of Financial Regulators and the Murray financial system inquiry was the effect or the potential risk of these arrangements to retirement savings.

But I'm very happy to talk about tax, Senator, because I would make the point that at the last election you went to the election advocating $75 billion more in higher personal taxes, $14 billion in higher taxes on the resources and manufacturing sectors through the abolition of the production tax credits, higher taxes on motorists, higher taxes on housing construction, higher student debts, higher power bills and more expensive training courses—because you wanted to abolish free TAFE.

So we're very happy to have a tax argument with you, Senator. Senator Hume interjecting— The PRESIDENT: Senator Hume, you will withdraw that. Senator Hume: I withdraw.

The PRESIDENT: Thank you. Senator WONG: I'm always happy to have an argument with Senator Hume about taxes, because she is Senator Hume of higher taxes—Senator Hume of the higher tax. The PRESIDENT: Minister Wong, please— Senator Hume interjecting— The PRESIDENT: Senator Hume, I just asked you to withdraw and I'm going to ask you again, and I'm warning you: don't do it again.

Senator Hume: I withdraw. Senator WONG: I'm just making the point that I know that Senator Hume thinks that pointing at me and yelling at me is going to make us all forget that she went to the last election advocating for higher taxes for working people, higher taxes for all Australians, higher personal income tax, more taxes on resources and manufacturing, higher taxes on motorists and higher taxes on housing construction.

This was the economic policy platform that they took to the last election, and they rewarded her by making her the Deputy Leader of the Liberal Party. Goodness me! And now, under the leadership of Senator Hume and Mr Taylor—if you can call it that—they're going to vote against tax cuts again.

The PRESIDENT: Thank you, Minister Wong. Senator Canavan, first supplementary?