Jason Falinski (Mackellar, Liberal Party) Share this | Hansard source

I appreciate your tolerance, Mr Deputy Speaker. They smother entrepreneurial spirit and the will of everyday Australians to have a go by creating businesses. This is an issue that shows that the contrast between the coalition and Labor has never been starker. One has a plan for jobs and supporting businesses, while the other seeks to help their friends in the union movement.

We must stand up to such attempts to stifle our nation's small businesses and economic performance. If the Leader of the Opposition—whose name is Bill Shorten—and his union bosses get their way, then both our current and our future generations shall be faced with an economy riddled with uncertainty and a jobs market beset by lack of confidence. We simply cannot allow this to happen, particularly given the crossroads which our economy finds itself at.

A recent book by the Institute of Public Affairs and the Fraser Institute, titled Demographics and Entrepreneurship: Mitigating the Effects of an Aging Population, delves into Australia's declining small business entry rate. It calls for governments to cut red tape, reduce taxes and create an entrepreneurial-friendly environment to combat stagnant productivity in order to support new drivers of economic growth. If the conditions for new and small businesses are not friendly, then they simply will not grow or will go elsewhere. Individuals need to feel that the government is working for them, not against them.

The story of Australian enterprise software company Atlassian is a remarkable one. It was founded in 2002 by Sydneysiders Mike Cannon-Brookes and Scott Farquhar. The two started out with the ambition of replicating the $48,000 graduate starting salary typical of the big corporations, without having to work for someone else.

All their early staff were mates. They started out with a $10,000 credit card, and from there they developed their issue management software, known as Jira, reaching 2,000 paying customers by 2004. From there it was all uphill, recording revenues of $100 million in 2011, without a single salesperson, before a 2015 initial public offering on the Nasdaq stock exchange.

That Atlassian story is viewed by many as the fairytale story of Australian small business and start-ups. There is nothing more inspiring than two young Australians deciding to try their luck on their own and take on the business world. It is often said for every small business and start-up miracle there are a thousand failures. More precisely, a 2013 Google and PricewaterhouseCoopers study found only a tiny percentage of today's 1,500 technology start-ups were survivors from 2001. Yet this does not have to be the case. I want to see Australia produce more Atlassians, but this will only happen if government does its part by supporting the next Mike Cannon-Brookes and Scott Farquhar.

Australians should feel confident that they live in a country that encourages and supports entrepreneurship and innovation. The end of the mining boom has left many wondering where the next major driver of economic growth will come from and what will happen if unexpected international shocks hit the economy. This is where small and innovative businesses should be filling the void and stepping forward to drive Australia's next era of growth. Recent OECD rankings on measures of economic complexity and sophistication place Australia 36th out of 36—dead last. Our great dependency on primary exports has resulted in what some argue to be overexposure to cyclical economic conditions. This must change, and this government supports small businesses and innovation wherever practical.

Innovation drives productivity growth and, in turn, long-term economic performance. The jobs and economic drivers of the future often stem from nations investing in and encouraging innovation entrepreneurship. The intense competitiveness of the global economy has made the need to innovate and have an adaptable economy more important than ever. We cannot rest on our laurels and assume that export sectors such as mining are going to continue to drive export growth indefinitely. Australia needs strong industries across the board, and the success of small business will underpin this. An economy full of innovative and prosperous small businesses will not only help to retain our best talent; it will also encourage the best and brightest from all around the world to view Australia as a destination for success.

All Australians, young and old, should feel that there are ample opportunities and jobs for them here in Australia. This government recently delivered on a significant commitment. There are one million more Australians in work than there were when we were elected. This truly is a reflection of the hard work of Australian businesses and the government's strong economic management and shows how effective the two can be when working together. A record of consecutive years of growth will only continue if our industries and businesses are strong and providing jobs for Australians. This is why bills such as the Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018 are so important. They showcase the commitment of this coalition government and represent an important step in ensuring the growth of this critical sector.

Australian business owners and entrepreneurs do it hard enough, so when government is going to step onto the scene it should be in a well-thought-out and calculated manner. This government is committed to small business and Australian jobs, while recognising the need to improve the options available for small businesses regarding asset depreciation. Without such measures, our small businesses will face an increasingly difficult and uncertain environment. I'm proud that this government is actively making changes for the benefit of small businesses and I urge the House to support the bill.

I would also point out, in response to previous speakers on this bill, that this is a fully costed policy, that this budget will come into surplus a year before it was scheduled to do so, that we have a plan that is comprehensive, that we have grown the economy, that we have created a million jobs under this government and that we have created the environment to allow this to occur. So, for this side of the House to be lectured by those opposite that they're concerned about spending, that they're concerned about tax cuts for businesses, just demonstrates the ongoing hypocrisy—

See this speech in context