Labor has committed to hit Australian small and medium businesses with higher taxes, in a decision that will undermine economic growth and cost jobs.

In its latest assault on business and the economy, Labor will increase taxes on 1 million small and medium businesses employing 4.8 million Australians by a staggering 10 per cent.

After repeatedly refusing to outline their position on the Turnbull Government’s legislated tax cuts for businesses under $50 million, it took a disastrous captain’s call from Bill Shorten and a bizarre attempted backflip from the Labor leader for the truth to finally come out – that under Labor, small and medium businesses will pay more.

This is a kick in the teeth for business investment, employment and higher wages. Around one in two Australian workers are employed in a business that has a turnover below $50 million.

It doesn’t matter whether it’s a fish and chip shop with a turnover of below $2 million, a manufacturer with a turnover of between $2 million and $10 million or a medium sized business with a turnover up to $50 million, Labor is coming after these businesses and their employees.

Yet again Labor want to roll back jobs and roll back economic growth.

The chaos of the last week under Bill Shorten and Labor will once again remind Australians of the risk they pose for our economy. If this is the way they conduct economic policy in opposition, imagine what they would do to our economy in government.

While Labor remains dazed and confused on taxes, the Turnbull Government is continuing to implement our plan for a stronger economy, with record jobs growth delivered in 2017 and economic growth running at over 3 per cent, back at the top of the major advanced economies leaderboard.

Our legislated tax cuts back Australian businesses to succeed, invest and employ more Australians, because we understand that stronger businesses create a stronger economy that can guarantee the essential services Australians rely on.