Michael McCormack (Riverina, National Party, Minister for Small Business) Share this | Hansard source

You might think it is a joke, but this is important. That is why I was so pleased that this legislation was introduced as a priority by the Treasurer in the first week of the 45th parliament. Over the past 15 years Australia has gone from having the ninth lowest corporate tax rate amongst advanced countries to now having the sixth highest out of 35 OECD countries. Australia must remain competitive as an attractive destination to invest in. That is why we have delivered a tax plan targeted to provide opportunities, to boost jobs and growth. Our Ten Year Enterprise Tax Plan will support up to 3.2 million small businesses, who employ more than 5½ million Australians. As of this financial year, companies with turnovers of less than $10 million will have a tax rate of 27.5 per cent, the lowest it has been since 1967. That is around 870,000 additional businesses which will benefit and have access to a range of small business tax concessions.

Just yesterday the member for Kingsford Smith stated that he and his Labor colleagues are opposed to changing the threshold turnover for small businesses to beyond $2 million, saying, 'There is no economic benefit and it will do social detriment.'

Why do you hate small business?

I say this to the member for McMahon, the shadow Treasurer—and this underlines one of the golden rules of Australian politics—

Ms Plibersek interjecting—

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