$65 BILLION BIG BUSINESS TAX CUTS A BUDGET WRECKING BALL WE WILL ALL PAY FOR

The Turnbull Governments $65 billion company tax hit is an unfunded Budget wrecking ball, no guarantee for investment in Australia or wage rises, and it will be left to working and middle income Australians to pay for them.

The Turnbull Governments $65 billion company tax cut remains the single biggest hit to the Budget that either major party is putting forward.

Malcolm Turnbulls message is clear: big businesses get a company tax cut, while millions of working and middle income Australians pay higher income tax.

In contrast, Labors Australian Investment Guarantee is a pro-growth, pro-jobs reform that is only available to businesses making new investments in Australia.

Under Labors Australian Investment Guarantee, only companies that make the decision to invest in Australia will benefit from this tax relief while up to 60 per cent of the Conservatives company tax handout goes directly to foreign shareholders.

The Australian Investment Guarantee means all businesses in Australia will be able to immediately deduct 20 per cent of any new eligible asset worth more than $20,000, with the balance depreciated in line with normal depreciation schedules from the first year.

The $65 billion big business handout is no guarantee for investment in Australia or wage rises.

The Government and big business are pretending that their tax relief starts tomorrow it does not.

Malcolm Turnbulls $65 billion company tax glide path only hits big businesses with turnover of over $1 billion by 2022-23.

Its an unfunded wrecking ball to the Budget at exactly the same time the Government has baked in optimistic wages growth projections into the Budget.

We know that by the end of the next 10 years, these big business tax cuts will end up costing the Budget over $15 billion each and every year.

And because the Government has failed to put forward a funding plan, that ultimately its working and middle income Australians who will paying the price.

We already know the Turnbull Government is seeking to legislate a $44 billion income tax hike that commences from 1 July 2019 and will see someone on an annual income of $70,000 pay an additional $350 a year in income tax.

Who knows what other tax rises and spending cuts Malcolm Turnbull and Scott Morrison will end up putting forward.