Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

I thank the member for Fairfax for his question and acknowledge in this place his prior experience as a trainee baker, his subsequent experience as a businessman and his experience now as a hardworking and great advocate for the people of Fairfax. Indeed, he's a great advocate for the people of Queensland.

In Queensland, we've seen more than $11 billion go from the JobKeeper payments to the workers of Queensland. We've seen more than $5 billion in payments from the cash flow boost go through to the businesses and workers of Queensland. We will see 2.3 million workers in Queensland get a tax cut this year as a result of the actions of those on this side of the House. Nearly nine out of every 10 jobs in the Australian economy are in the private sector. These are businesses—small, medium and larger businesses. These businesses have the drive. We want these businesses to thrive in our economic recovery by helping to create jobs. That's why, in this budget, we have backed businesses and their ability, their creativity, their innovation and their ability to hire Australians.

There are a number of significant incentives in this budget to drive more jobs, including the most significant investment incentives any Australian government has ever introduced into this place. Ninety-nine per cent of Australian businesses will be able to immediately expense eligible purchases for their business. A business will be eligible if they have a turnover of up to $5 billion. This will be available up to June 2022. This will drive productivity, and this will drive jobs across the nation. It will be a game changer in terms of the investment that it will help create. We will see a trucking company buy a new lorry, we will see a farmer buy a new harvester, and we'll see a manufacturer update and upgrade their production line. Another significant measure includes loss carry-back, because we do know that today there are businesses that have been previously profitable but, because of the health restrictions, have incurred losses. So, rather than waiting until they earn a profit again, they can carry back those losses against previous profits and taxes paid. That will give them money in the pocket and money that they can spend on investment.

There are businesses right across the country who saw the announcements on Tuesday night and are now deciding to invest, like Mark Hobbs from Beefy's Pies in Buderim, who's going to put in a new freezer room. He's also considering a new apprentice. This is creating— (Time expired)

See this speech in context