Fiona Scott (Lindsay, Liberal Party) Share this | Hansard source

Today I rise in support of the motion put forward by the honourable member for Forde. In my first speech, I gave a wonderful quote from Sir Winston Churchill:

Some see private enterprise as a predatory tiger to be shot, others as a cow to be milked, but few are those who see it as a sturdy horse pulling the wagon.

Small business surely is that sturdy horse. Small business is a critical pillar of the community and an essential employer to the people of Western Sydney, Penrith and St Marys that I represent. Paul Brennan, the chairman of the Penrith Business Alliance, says: 'There are roughly 13,000 businesses in the area. The majority of these businesses are either micro or small to medium enterprises. Small business is the biggest employer in the area. It is vital to our economy and is the most ready to step up output. All our feedback reports that the reduction in tax for small business is viewed as welcome and a real shot in the arm after the impacts of the GFC, decreased consumer confidence, decreased export sales and international tourists due to the high Australian dollar.'

We need to grow small business and inspire new entrepreneurs to innovate and create business and jobs for the future—jobs like the Werrington Park Corporate Centre, part of the Sydney IQ project. This project is designed to be a major catalyst for attracting high-tech industry, global investment and state-of-the-start research. Add to this the new UWS Business Development Incubator. This project is designed to promote entrepreneurship and provide start-up businesses with cost-effective workplaces, mentoring and support for investment and growth. That is great news for new businesses in Western Sydney. But add to that the federal government's support for unincorporated small businesses, cutting their tax rate by five per cent up to $1,000 annually. This is great news for new entrepreneurs in Western Sydney, just like those coming to the UWS Business Development Incubator.

Just last week the Minister for Small Business and I visited the High Street Depot Cafe. This was its second day in business, the second day this business had opened its doors. We met Noreen and Tim. Noreen and Tim are local people but they have travelled internationally and secured their craft. They have now brought those skills back to Penrith, and with their young family they are having a go. This is what our small business package is designed for—to help young entrepreneurs to have a go and start their own business. That is why we are cutting the red tape and allowing the immediate deductions of professional services necessary for business owners like Noreen and Tim to open their doors.

One of our hallmark measures is the accelerated depreciation program, allowing businesses to immediately write off up to $20,000. Local business owner, Brett McVea, from National Locksmiths, spoke about the new capital equipment he has purchased for his business. He says:

This equipment keeps us in the market place, keeps our income and keeps the boys employed. It allows us to build the business. We can grow and have grown because we have the technology to grow. It's a fantastic initiative and well done to the government for considering small business—backbone of the economy.

Well said, Brett. Deputy Speaker, incentives to unshackle small business do not stop there. We have lowered the small business company tax rate to 28½ per cent—a 1.5 per cent tax cut for businesses with an annual turnover of up to $2 million. Jim Hill from Nepean Solar agrees. He says:

In regards to the reduced corporate taxes—having the reduced tax payable coupled with the instant tax write off will definitely stimulate the industry, in particular small business. It gives companies like myself the chance to grow and make a profit.

Overall, it's a fantastic initiative and stimulus for small business.

Gina Field, the owner of Nepean Regional Security and the President of the Penrith Valley Chamber of Commerce, states:

As the Prime Minister said recently in Parliament, small business is the locomotive of the Australian economy. Whether large, medium, small, micro sized or home based, business owners all have the same wants and needs, to remain viable, have business growth and to employ more people.

We are enthused and encourage by any Government that can give business owners tax breaks and advantages to allow us to confidently continue to do this.

This is also reinforced by the Penrith Valley BEC. My community supports these measures.

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