Michael McCormack (Riverina, National Party, Shadow Minister for International Development and the Pacific) Share this | Hansard source

I'll ask those opposite interjecting—and I hear the member for Moreton—how many of you have actually run a small business? I don't see too many hands go up. Run it into the ground, maybe! On our side, we are there putting small business at the very heart of our economic principles. That's what we do.

When the member for Dickson, the opposition leader, stood here to deliver his budget reply speech—and I thought it was an excellent one, by the way—he said:

Tonight I announce that we'll extend the value of assets eligible for the instant asset write-off to $30,000 and make this ongoing for small businesses. This will simplify depreciation for millions of small businesses by cutting red tape, boosting investment in productive assets, lowering business costs and prices, and driving productivity in the economy.

That's something we all should aspire to. That's something we all should agree with.

Those opposite want to put in the instant asset write-off at $20,000 and just for 12 months. Why not give those businesses the security, the stability, and make it ongoing and make it $30,000? Let me tell you: when we were in government during COVID, as a productivity measure, as a boost to the economy, we made it unlimited—and so many tradies and farmers and other small businesses went out and bought a motor vehicle. You can't buy too many motor vehicles for $20,000. Let me tell you: under the new fuel efficiency standards and the ute tax those opposite are going to put in place, you won't be able to buy too many vehicles at all. But for businesses $20,000 is simply not enough. Make it $30,000 and make it ongoing.

Those opposite want to impede businesses; they want to get in the way of businesses. I know the member for Forrest, who was here a minute ago, so often talks about the WA sheep farmers. They are businesses, and they are being impeded every step of the way. They've had their live trade cut from underneath them by those opposite. Why are we putting so many obstacles in the way of businesses? Why are we jacking up taxes? Why are we making it so much more difficult for our small businesses to pay their energy bills when those opposite promised on no fewer than 97 occasions that they would reduce power prices—and what do they do? Jack power prices up and put more bureaucratic measures in place to impede and hamper our small businesses.

We need to, every step of the way, protect those small businesses. But it's not just me saying it; it's the Australian Small Business and Family Enterprise Ombudsman. Any of those small businesses out there, whether they're the truckies driving up and down the Newell, Hume or Sturt highways or those other branch routes that are driving productivity and driving the goods around our nation, go onto that website and have a look at what is available for small businesses. You won't see too many compliments from those people who are accessing that website about Labor's budget. You won't see too many people who are genuinely praising the fact that the instant asset write-off is only $20,000 and is only for 12 months. People are getting behind the fact that we have promised to make it $30,000—that's what we should be aspiring to—and to make it ongoing so we give those businesses that certainty. That's what small business is craving—certainty, not just a 12-month stopgap measure and, 'Look at us in 12 months time or less', when, potentially just prior to the election, the Treasurer, the member for Rankin, goes and promises another 12 months. Let's do it now. Let's give small business the confidence it needs because, let me tell you, they are the ones driving and running this economy.

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