Bill Shorten will ramp up his attack on Clive Palmer ahead of this week’s Federal Election. Picture: Kym Smith
Bill Shorten will ramp up his attack on Clive Palmer ahead of this week’s Federal Election. Picture: Kym Smith

‘An IOU as big as his ego’: Labor’s Palmer warning

OPPOSITION LEADER Bill Shorten will today unleash on Clive Palmer, saying if the Coalition is elected on his preferences the billionaire will enter Parliament with "an IOU as big as his ego".

It comes as Labor analysis of Mr Palmer's Mineralogy books estimates he would save a whopping $18 million if company tax cuts were passed on in full to all businesses.

Speaking in Perth, Mr Shorten will warn there will be "destruction and dysfunction" if Mr Palmer and Senator Pauline Hanson hold the balance of power in a Coalition Government, turning Australian into "an international laughing stock".

"Especially when, thanks to the preference deal he's done with Scott Morrison, Clive Palmer can turn up on day one with a political IOU almost as big as his ego," he said.

Labor Opposition leader Bill Shorten and Herbert MP Cathy O’Toole dumping Clive Palmer's book in the bin earlier this year. Mr Palmer had copies of the book sent to MPs and journalists in Canberra.
Labor Opposition leader Bill Shorten and Herbert MP Cathy O’Toole dumping Clive Palmer's book in the bin earlier this year. Mr Palmer had copies of the book sent to MPs and journalists in Canberra.

Labor has been targeting the so-called "Morrison-Palmer-Hanson Government" since Mr Palmer signed a preference deal with the Liberal Party last month.

Labor is ramping up its pressure on the Coalition using Mr Palmer, with campaigners saying it is about focusing on the "4 Cs - cuts, chaos, Clive and climate".

Prime Minister Scott Morrison has repeatedly ruled out extending the company tax cuts beyond the current $50 million turnover threshold.

But Labor has claimed the Coalition could revisit this if re-elected.

Mineralogy documents from 2018 show the company paid $109 million in tax that year, paid at a 30 per cent rate.

Former Member for Fairfax Clive Palmer asleep during House of Representatives Question Time at Parliament House in 2014. Picture: AAP/Lukas Coch
Former Member for Fairfax Clive Palmer asleep during House of Representatives Question Time at Parliament House in 2014. Picture: AAP/Lukas Coch

If tax was paid at the lower 25 per cent rate, as previously advocated by the Coalition, he would pay almost $91 million - $18.2 million less.

United Australia Party Senator Brian Burston, Mr Palmer's first recruit, quit One Nation over the party reneging on its commitment to pass on the tax cuts to all companies.

Mr Palmer and a spokesman did not return requests for comment

Meanwhile, Mr Shorten will today promise a new tribunal intended to help workers chase their bosses for underpayments and get a result within a day.

Businessman and Senate candidate Clive Palmer’s company Mineralogy would be $18 million less tax, if the Coalition’s previously proposed company tax cuts are passed on in full. Picture: Nikki Davis-Jones
Businessman and Senate candidate Clive Palmer’s company Mineralogy would be $18 million less tax, if the Coalition’s previously proposed company tax cuts are passed on in full. Picture: Nikki Davis-Jones

Claims of up to $100,000 owing will be able to be taken to the tribunal, which will sit alongside the Fair Work Commission.

Mr Shorten said it would be available via video conferencing, for people in regional areas, and employer groups and unions would also be able to act on behalf of their members if requested.

"It shouldn't be too hard, it shouldn't be too costly, to get what you are owed for a day's pay," he said.



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