Opposition Leader Bill Shorten delivers his 2015 Budget address in response to the 2015/16 federal budget. AAP Image/Lukas Coch.

Shorten flags 5% small business tax cut

Opposition leader Bill Shorten says he’ll kickstart the economy and create jobs if he becomes prime minister, with a plan to cut taxes for small business by five per cent.

In his budget reply speech on Thursday night, Mr Shorten said he’d support the government’s budget measures on national security, drought relief for farmers and small business.

However, he called on the government to support Labor’s plan to take the tax cuts further in a bid to create jobs.

Mr Shorten said a Labor government would boost the economy by investing in infrastructure projects, which would be determined by Infrastructure Australia.

Labor would improve the budget bottom line by more than $21 billion over the next decade, he said, by making foreign multinationals pay their fare share of tax and tightening superannuation tax concessions.

Mr Shorten outlined a plan to turn Australia into the “science, start-up and technology capital” of our region.

The nation should aspire to devote three per cent of gross domestic product to research and development by the end of the next decade, he said.

Labor would create a new $500 million Smart Investment Fund to invest in new companies and set up a scheme to support entrepreneurs and turn ideas into businesses, he said.

Mr Shorten said Labor would make digital technology, computer science and coding a national priority to be taught in every school, and would boost the number of science and technology teachers and university students.

“Let us harness the power of science, technology, engineering and mathematics to prepare for the future,” he said.

Source AAP. 

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