Everyone at G20 wants to be us: Treasurer

Treasurer Scott Morrison says everyone at a G20 finance meeting in Germany wanted to be in Australia's position with its strong economic record.

Treasurer Scott Morrison

Treasurer Scott Morrison says Australia was in an enviable economic position at the G20 meeting. (AAP)

Scott Morrison has returned full of beans from a meeting in Germany with his international counterparts.

The treasurer says everyone sitting around the G20 table wanted to be in his shoes.

"That's the feedback I was getting," he told Ray Hadley on Sydney's 2GB radio on Monday.

"Australia's economic record is very strong compared to the other countries that sit around the table."

Australia is set to clock up the longest run of interrupted economic expansion this year at over 26 years, overtaking a record previously held by the Dutch.

Finance ministers and central bankers from the world's 20 largest economies gathered in the German spa town of Baden-Baden late last week.

Mr Morrison later told parliament the global economy and its outlook is in a stronger position than it was a year ago and providing opportunities for Australia to take advantage of.

"We cannot be complacent about it, "he said.

"We cannot be complacent about growth, we cannot be complacent about jobs that depend on growth."

The government's 10-year plan to slash business taxes to make them more competitive in the world economy will be brought to a Senate vote within this parliamentary sitting fortnight, 10 months after it was first announced.

The $50 billion worth of cuts will be introduced incrementally over the next decade to a standard rate of 25 per cent.

The first leg would lower the rate to 27.5 per cent for companies with a turnover of less than $10 million.

"We're saying they should be paying less tax this year," Mr Morrison told reporters.

Companies with a turnover less than $2 million now pay 28.5 per cent, while all other businesses pay 30 per cent.

Lower house debate on the package is scheduled to resume on Tuesday.

Labor remains vehemently opposed to the tax cuts, other than for those with a turnover less than $2 million.

In a new line of attack, the opposition claims Australians will be forced to fork out $4 billion in extra interest charges if company tax cuts go ahead.

Opposition finance spokesman Jim Chalmers said taxpayers would be disgusted by the new figures reflecting the "messed up" priorities of the prime minister and his treasurer.

"Malcolm Turnbull is so out of touch that he thinks it's OK to borrow $50 billion to give to big multinationals and the big banks at the expense of ordinary Australians who will be sent the interest bill," he told reporters in Canberra.

Labor's calculations are a 10-year estimate based on a 2.7 per cent interest rate that relies on the government either raising debt or not paying it down to pay for the tax cuts.


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Source: AAP



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