Senator CORMANN (Western Australia—Leader of the Government in the Senate, Minister for Finance, Special Minister of State and Vice-President of the Executive Council) (14:00): I thank Senator Watt for that question. No wonder the Labor Party are so shocking at managing the economy when they are in government, because they clearly don't understand that company tax, business tax, is imposed on profits, not revenue. Let me tell you, the consequences for investment, jobs, wages and the future prosperity of Australian families will be devastating. If Labor want to introduce a tax on revenue, they should say so. If Labor's policy is to introduce a tax on revenue, they should say so. Opposition senators interjecting— The PRESIDENT: Order on my left! Senator CORMANN: This is of course— The PRESIDENT: Order on my left! Senator Hinch? Sorry; I didn't see you back there. Senator Hinch: You can't hear a damn thing back here. The PRESIDENT: It's only taken two minutes, and it's only Wednesday, so can we have some order in the chamber so our Senate colleagues down at the rear of it can hear the answer. Senator CORMANN: The truth is that shifty, socialist Bill wants to rack up taxes. He wants to increase the tax burden on the economy, which of course would be bad for every working Australian because it would lead to— Opposition senators interjecting— The PRESIDENT: Order! Senator Sterle on a point of order. Senator Sterle: Mr President, a point of order under standing order 193: that is not tolerable; you have to refer to members in the other place by their proper title. The PRESIDENT: I actually couldn't hear what the minister was saying. Minister, if there is something you wish to withdraw please do so. I did not actually hear it with the noise in the chamber—as Senator Hinch outlined. Senator CORMANN: Clearly Senator Sterle knows who I'm talking about when I say 'shifty, socialist Bill'. Senator Wong interjecting— The PRESIDENT: On the point of order, Senator Wong? Senator Cormann, to assist the chamber I'd ask you to withdraw the term reflecting on a member of the other chamber. Senator Wong: On the point of order, Mr President— The PRESIDENT: I've asked the minister. Senator Wong: On the point of order: I wasn't aware that thinking a company that generated $1.84 billion in revenue should pay some tax was a socialist position. The PRESIDENT: Senator Wong, you know that is not a point of order. Senator CORMANN: Senator Sterle requested that I refer to him by his proper title, so I'm happy, of course, to do this. The Leader of the Opposition wants to increase the tax burden on business, making it harder for businesses to be successful and profitable so that they can hire more Australians and pay them better wages and pay more tax—because more profitable businesses will pay more tax. This is what Mr Shorten, as Assistant Treasurer, said when it came to company tax cuts. I'll just read it out to you: Cutting the company income tax rate increases domestic productivity and domestic investment. More capital means higher productivity and economic growth and leads to more jobs and higher wages. That was Bill Shorten on 23 August 2011. Senator Jacinta Collins: Trickle-down isn't working, Mathias; you know that. Senator CORMANN: We now have Senator Collins criticising what Mr Shorten said when he was Assistant Treasurer in the Gillard government. The Labor Party doesn't understand that if we want Australians to be as successful as possible we need the businesses that employ them to be as successful as possible. Nine out of 10 working Australians work for private sector businesses. Their future job security, their future career prospects and their future wage increases depend on the future profitability of those businesses, and do you know what? The future government revenue from business depends on the future profitability of those businesses, so we can continue to fund sustainably the public services of Australia— (Time expired) The PRESIDENT: Senator Watt.