Angus Taylor (Hume, Liberal Party) Share this | Hansard source

Small businesses in Hume are spending up big before the end of the financial year to realise the instant asset write-offs for business purchases. This is just what we wanted small businesses to do. Retailers say the larger items have been particularly popular in the last few weeks. Cowra Motorcycles and Power Equipment have reported that sales of quad bikes have gone through the roof, which is fantastic news. Owner Lyndsay Cain says sales of ag equipment and products have been much stronger than he expected. Cowra clothing retailer Carla Sparkes says the instant asset write-off initiative is:

… a great opportunity for all small business.

She is purchasing a new jewellery cabinet for her Kendall Street business. This is a plan which has been on the backburner, but, thanks to the budget support initiatives, she can now make it a reality. Goulburn Plumbing employs seven staff, including two apprentices. Co-owners Dean Thompson and Scott Hore have added a new ute to the vehicle fleet this financial year. Mr Thompson says that, whilst tradesmen are always buying new tools and equipment, when there is an extra incentive it makes you think about it a bit more. He says there is plenty of work for Tony's tradies in Goulburn at the moment, which is great news.

The wool and meat producers, the grain growers and the horticulturalists of Hume are all welcoming the strong support this government is giving to rural and regional businesses. The announcement of accelerated depreciation for fencing, fodder and water storage purchases is another massive help for farmers. Grazier John Reynolds and his son, Simon, at Tarago have purchased a new ag bike. John says the small business incentives are a particular bonus for younger farmers like Simon who 'still have fire in their bellies' and 'want to have a real go'. The Reynolds are sinking a bore this week and building a new silo on the back of government incentives. We wish them luck with that bore. I am sure it will go well. Caragabal farmer Dan Cooper has already met with his accountant. He is looking at buying farm equipment earlier than he would have, as are Bev and Ian Donges between Cowra and Grenfell, who have bought a solar pump.

Strong incentives to invest, coupled with some recent good rain across Hume, mean prospects are looking up for the local agricultural sector. These are all good news stories for not only Hume but Australia. Our small business incentives are having exactly the desired effect the government wanted. The rush is on to spend and invest before the end of the financial year and to make the most of immediate depreciation in the next tax year. We know only too well small businesses hold the key to re-energising our economy and creating wealth and jobs for the next generation.

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