Chris Bowen (Prospect, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I thank all members who have contributed to the debate on the Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009. This bill, of course, implements the small business and general business tax break, a key part of the government’s Nation Building and Jobs Plan to help cushion Australians from the worst impacts of the global recession. As the Treasurer said in his second reading speech for this bill, this $3.7 billion tax break will help boost business investment, bolster economic activity and support Australian jobs. It is targeted towards encouraging Australian business investment in the face of the global recession. The response from business has been overwhelmingly positive. The honourable member for Leichhardt went through his experience. It has certainly been my experience and the experience of the Treasurer, the Minister for Small Business, Independent Contractors and the Service Economy, as we travel around talking to businesses, that businesses are very keen indeed on taking up this proposal.

I would like to foreshadow several amendments to the bill. Foremost amongst these amendments will be expanding the tax break to provide additional assistance to small business, as announced in last night’s budget. I will also move several minor amendments of a technical nature. These will ensure that the legislation operates as intended. I recognise the support of the opposition. As the honourable member for Leichhardt said, it did take 27 minutes into the shadow minister’s speech before he got to this particular piece of legislation, but he did indicate support. It was rather belated, because there has been some concern in the business community that the level of uncertainty about the passage of this bill was discouraging investment. Some small businesses were not prepared to make that investment until they were guaranteed of opposition support so they would know it would pass both houses of the parliament. The shadow minister had previously indicated that they would not actively frustrate, but that was not enough for the business community. Understandably, given the opposition’s opportunistic opposition to everything this government does, they wanted to see a very clear indication of support. That will no longer be an issue. I do, in fairness, acknowledge the opposition’s assistance in having this passed through the House today. I commend the bill to the House.

Question agreed to.

Bill read a second time.

See this speech in context