Nola Marino (Forrest, Liberal Party) Share this | Hansard source

The Treasury Legislation Amendment (Repeal Day) Bill 2014 is a very important bill given the circumstances Australia now faces. As members before me—the member for Hughes and others—have mentioned in their speeches to this debate, this bill is particularly important given the state of the budget and the state of the debt and deficit left by the previous government. So impacts on productivity and any measures that we as a government can take to improve productivity in this country need strong support. That is why the members on this side are speaking in support of this bill, which repeals an exorbitant amount of red tape.

We know why this is necessary when we look at the situation that is facing this country—and I think all members need to take this particularly seriously—and even the interest component alone. As we heard from the member for Hughes, around $13.5 billion must be paid each year in interest alone. When I am out in my community and I talk to people about the fact that we are paying over $1 billion a month in interest as a result of the decisions of the previous Labor government, it is amazing how many people are simply astounded, as they should be, and horrified by that level of debt. With that level of interest and the level of debt and deficit, it was a never-ending spiral with the previous government. It had no responsibility and no concern as to how any of this would ever be repaid. One billion dollars a month in interest is obscene by anybody's terms. All of us out in our electorates see so many useful and greatly needed projects that would benefit from that expenditure of $1 billion, which is literally going overseas in interest as a result of the previous government's decisions.

Looking at business, we see the additional 21,000 new or additional regulations that were imposed by the previous government. When you are out and about in your community visiting small businesses, you might walk into a light industrial area, and that is one of the most common themes that you hear from small business—'We just want to get on with the job that we're here to do. We've invested ourselves. We've taken the risk. We just want to get on with the job.' They are very good small business people, but they have been, and are, overburdened. That is no wonder, with 21,000 new and additional regulations imposed by the previous Labor government. It is no wonder that these repeal days are so important to the country and no wonder that they have been so strongly supported right around industry and small business sectors. They well understand just what an imposition this is on their businesses. You walk in their doors and see the amount of time that they spend on compliance, away from their customers and away from what they do best—and I am surprised that there are not more speakers to this debate from the other side who understand how important repealing red tape is, particularly for small business in this country and particularly given that over 500,000 people are no longer employed by small business. Of course—

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