Kevin Hogan (Page, National Party) Share this | Hansard source

Real small businesses—that is right. Two million dollars—that is not profit, mate. It is turnover. So you can be a small business and have a $2 million turnover, but the profit is not that great.

Opposition members interjecting—

But I do not expect you to understand. I would not expect you to understand because you know nothing about small business.

The other thing that we are doing, too, is on 1 July we are extending the $20,000 asset tax write-off. Every small business that I talk to in my electorate loves that. It is good for business, it is good for regional communities like mine. It has spurred economic activity. It is good policy. The other thing that we are doing on 1 July is diverted profits tax. The philosophy behind that is: if you earn the money here, you pay tax here. For some reason, they do not support that, either. They did not vote for that policy in this chamber, as well. But that is another thing that we are going to bring in on 1 July. There is the bank levy tax. They want to bring in a royal commission. We just want them to pay their fair share and help repair the budget. This is a good policy because it is confined to the four majors and Macquarie bank. There is an implicit government guarantee for the big banks that credit agencies like Standard & Poor's note. They actually quantify it and say that the implicit government guarantee is worth about 20 basis points to banks. We are taking the six-basis point levy on them to help us do budget repair. As the previous member said, we do have a budget issue and we do want to repair the budget. We know it all took off and was out of control under the six years of the Rudd-Gillard-Rudd government, but we do want to repair the budget and we will repair the budget. That is an important part of that.

I have been thinking: why doesn't Labor like small business? Obviously, they have also done deals. Big businesses and big unions have done deals together. Some of them have actually been done by the opposition leader himself. What it means is that a family chicken shop on a Sunday has to pay $8 more than KFC, a family-owned takeaway must pay $8 more than McDonald's on a Sunday, a family bottle shop has to pay $7 more per hour on a Sunday than Dan Murphy's, and family greengrocer has to pay $5 more per hour on a Sunday than Woolworths. (Time expired)

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