Bruce Billson (Dunkley, Liberal Party, Minister for Small Business) Share this | Hansard source

What we have done is one of the excellent pieces of communication and information that supported this budget. The document we have put out not only recognises that 96 per cent of all businesses in Australia are small businesses supported by our package, recognises and pays respect to the 4½ million livelihood opportunities that small businesses make possible in this economy and pays tribute to the $330 billion of economic activity but also says, 'What else can we do to take those ideas and turn them into economic action?'. What is in this package? In Pino's case, he has identified a couple of opportunities. We need to restore reward and incentive. That is why the tax cuts for small business are so important.

A government member interjecting—

It could be. Tax cuts are coming. Jobs growth is happening. The economic conditions are improving. But we have more work to do. In this package members will see that tax cut. I would love to talk more about the specifics. It is a cut to the tax paid on small business incomes—not just incorporated small businesses, which seem to be the fixation of Labor, ignoring the two-thirds that are not incorporated. There is instant asset write-off, encouragement for business formation and transformation in structures where that is necessary, and accelerated depreciation for our primary industries. There is so much in this package to talk about. Having set the scene, I look forward to explaining it more and getting some questions from those opposite.

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