STATEMENTS BY MEMBERS

Mr TED O'BRIEN (Fairfax) (13:48): Australia is drifting. That is the conclusion from the Committee for the Economic Development of Australia's 2026 State of the nation report. Productivity, investment and innovation are going backwards.

Knowledge, skills and workforce are going backwards. Australia is becoming a less competitive nation, and we know that because our standard of living has dropped more than any other advanced economy. What is the Albanese government's answer to these problems?

It's to increase personal income taxes to the highest levels in Australian history and to increase tax on capital to the highest level in the world. To the economic illiterates on the government benches, can I tell you this? You do not make an economy more competitive by penalising those who invest.

You do not make an economy more competitive by taking away opportunities for entrepreneurs. You do not make an economy more competitive by treating profit making as a sin. If this government was so sure about increasing taxes, it should have had the courage to take it to the Australian people at last year's election.

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