Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Hansard source

I thank the member for Hughes for his question. I can inform him that last night's budget is the latest step in the coalition's plan to build a strong, safe and prosperous future for everyone. Last night's budget is measured, responsible and fair. It is good for jobs; it is good for growth; it is good for opportunity. It builds on last year's budget, which scrapped the carbon tax and actually delivered $30 billion worth of savings. It draws on the consultations that we have been having right around the country over the last few months, including the advocacy and insights of the indefatigable Minister for Small Business.

Many governments over the years have talked about small business. This government is delivering. We are delivering for small business because, when you deliver for small business, you deliver for everyone. Small business is the most creative and dynamic part of our economy. It is the engine room of growth. It is the engine room of jobs, because small business people typically mortgage their own homes to invest in their business and to employ their staff. Small business deserves a fair go, and that is exactly what this government is determined to give them.

Incorporated small business will get a tax cut of 1.5 percentage points. Unincorporated small business will get a five per cent tax discount up to $1,000. Most importantly, all small businesses will get an instant asset write-off of up to $20,000 on every asset.

Lonsdale Auto Electrical, that I visited today, could invest in a car hoist or a diagnostic computer, and they would be able to write it off instantly against their income. A landscaper could invest in a ride-on mower, a trailer, or an excavator and write it off instantly. A cafe owner could invest in a cappuccino machine, a fridge or an air conditioner.

Ms Owens interjecting—

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