Tim Wilson (Goldstein, Liberal Party) Share this | Hansard source

It's a great pleasure to follow on from the ramblings of the previous speaker with the opportunity to talk very explicitly about what this government is doing to build the economic potential of Australia and to build its future. It's one where every single person, whatever their role in society, has a role to play. More than that, the business and entrepreneurial spirit that sits at the heart of this great nation—and, I might add, at the heart of the great electorate of Goldstein—is essential, and we must unleash it to see the realisation of this country's best days ahead.

Since 2001, Australia has gone from having one of the lowest corporate tax rates in the world to having one of the highest. It is much to our detriment because, as a country that has always relied on importing capital, we as a destination need to be attractive in an increasingly globally competitive marketplace so that we can deliver Australians jobs. If we wish to maintain our high living standards and begin to improve wages, to actually see wage growth, which is something that we on this side of the chamber desperately want to see in the interests of households, families and people trying to make a good wicket and have a go, then this needs to change.

The government's enterprise tax plan is doing just that. It is already achieving outcomes for more Australians. Just look at what has been happening in the economy since the election of the Turnbull government, where you're seeing 1,000 jobs created every single day. It's something that any government of any political hue would be immensely proud of and be able to stand up and celebrate as part of building this country's future. It's enabling Australian businesses to reinvest more of their earnings in employing more Australians and growing their enterprises so they can go on and hire more Australians and not just give them their first chance at a job but also keep people in jobs throughout different stages of their lives.

For businesses with an annual turnover of up to $50 million—there's 3.2 million of them employing 6.7 million Australians—we have reduced company tax to 27.5 per cent. It's the lowest level in 50 years. I'm one of those people who've openly declared that they don't think 27.5 per cent is low enough. I'd like to see us go lower, and not just on company tax. I'd like to see wholesale tax reform that sends personal income taxes in precisely the same direction. By changing the tax rate and getting it down to the lowest level in 50 years under the Turnbull government, as well having as the $20,000 instant asset write-off, it is allowing businesses to reinvest in themselves, their energy and their potential and to back themselves to be able to create job opportunities for Australians.

In the great electorate of Goldstein, businesses can be assured that the government is focused, rightly, on unleashing their potential and their employees' potential. We have thousands of small businesses, mums and dads, who have made a good wicket for themselves and who have dared and tried to do something different. There are so many of them. When you go to local markets you see particularly mums—young women—who are doing a wonderful job of investing in themselves. People like Jack and Jules, who are, I think, based in Sandringham or maybe Hampton, are making reusable bags to take to the supermarket. I use them in not just the Goldstein electorate; they are so good I even brought them up to Canberra. Of course, they have a plastic bag ban up here, so you need something to help you on the weekend when you go shopping for food. People are innovating everywhere. There are local candle companies. As well, of course, there are people who are investing in larger businesses, creating jobs not just in Goldstein but across the nation.

Think about Integrated Bulk Systems Australia, a specialist bulk materials handling company that operates in the mining, resources, industrial and chemical industries; Elmark Trading, who are brake and clutch specialists in Highett; Top Titles of Brighton; RK Tech Studio in Brighton; Duram Products Australia in Caulfield South; Jarmans Carpet Repairs in Hampton; JL Carpentry Services in Hampton East; the Ulysses Bookstore in Sandringham—certainly a business I have frequented in the past; Towerheath, based in Highett; Alain Luminaries in Highett; the Bayside Brewing Company in Black Rock—I know that's one many people on the other side of the House would like; and Bygate Marine Service in Bentleigh. They are among so many more that bring this wonderful community alive. The tax plan will allow these businesses not just to grow their opportunities in Goldstein and not just to increase the number of customers that they can serve but also to take their businesses, goods and services to the world. That's what we want to see: the opportunity for growth for every single Australian. I commend the plan to the House.

See this speech in context