Mr TURNBULL (Wentworth—Prime Minister) (14:05): The honourable member knows very well why we are supporting reductions in company tax. The arguments were made by him very, very well here only a few years ago. In fact, he stood at the dispatch box as a minister in the Gillard government, and he said, 'Lower company taxes result in more investment, higher productivity and higher wages.' That's what he said as he made that case. And that was orthodox economics. It was absolutely accepted from both sides of politics that lower business taxes— Dr Chalmers: You opposed it! The SPEAKER: The member for Rankin! Mr TURNBULL: result in more investment, higher productivity— Dr Chalmers: You opposed it! The SPEAKER: The member for Rankin is warned. Mr TURNBULL: higher wages and more employment. We managed to secure, despite the ferocious opposition of the Labor Party, cuts to company tax for businesses up to $50 million, with the last group over $25 million, starting on 1 July this year. Small and medium businesses have got tax cuts under our government—overwhelmingly Australian owned, overwhelmingly family owned. And we are seeing the growth in those businesses in the jobs numbers—420,700 jobs in the last 12 months. That's the highest annual jobs growth in our history. There have been 17 consecutive months of jobs growth—the longest run of monthly jobs growth in our history. We see the highest female participation rate in our history. And 78 per cent of those 420,000 jobs are full-time. We saw last month a decline in part-time jobs overwhelmed by a much larger increase in full-time jobs. Only last week, I was at Bisalloy at Unanderra near Port Kembla, a company making the best steel in the world—who we have been defending, obviously, internationally—and that company told us how they are increasing their employment numbers as their growth continues. They're encouraged by the business tax cuts, and they are re-engaging casual workers as full-time employees. So you're seeing more full-time employment, more employment, higher female participation and the highest jobs growth in our history; that's what our economic policy delivers. We promised jobs and growth, and that's exactly what we're delivering, and the honourable member knows full well that the company tax cuts are a huge part of that, and the arguments for making them are exactly the ones he presented from this dispatch box when he was in government.