Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

I thank the honourable member for his question. Last week, the honourable member and I saw firsthand how small businesses in his electorate of Swan are taking advantage of the lower business taxes that we have delivered, and Labor would stop, to increase investment and employment. Businesses like Thermo King West, a family-owned refrigeration business, employing 23 workers, will now, according to its owner, Steve Da Rui, invest more money back into the business and take on new apprentices as a result of that additional investment. The member for Swan and I met two of those new apprentices being trained on the premises.

Right across Australia, small family-owned businesses like Thermo King West are increasing investment and creating jobs, because they know they have the backing of our government that is committed to lower taxes. They know that our coalition Liberal-National government is committed to lower taxes. Under our government, businesses with a turnover of up to $50 million will pay a 25 per cent rate of tax, less than they would pay under Labor. Unlike the members opposite, the government understand the critical role of businesses in creating jobs, and that's why we're backing small and medium family-owned businesses with lower taxes. It's why we've seen record jobs growth, more than 400,000 jobs created last year alone, and the lowest percentage of Australians of working age on welfare in 25 years. That's the confidence in investment and employment that is helping to build a stronger economy and the stronger government revenues that come from it. That's why we're able to bring the budget back into balance a year earlier. It's why we're able to guarantee essential services, investing record amounts in hospitals, schools, infrastructure and security, and it's what's enabling us to deliver tax relief to families, to individuals, through our comprehensive Personal Income Tax Plan.

We believe in lower tax. We want every Australian, beginning with low- and middle-income earners, to keep more of what they earn, and the personal income tax reform which the parliament recently passed and which the opposition voted against delivers just that. It delivers immediate relief of up to $530 a year for working Australians, while addressing bracket creep so that Australians are paying lower taxes for any extra dollar they earn. By the time the plan is delivered, 94 per cent of Australians will pay no more than 32½c for any extra dollar they earn. That's real reform.

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