Alex Hawke (Mitchell, Liberal Party) Share this | Link to this | Hansard source

I rise today to welcome the parliament passing the government's new era for small business with the passage of the small business and jobs package. It has been well received in my electorate, recognising that most of the employment in my electorate is generated by small and medium enterprises, family businesses—that golden seam of commerce that runs through Australia, providing all of the enterprise, jobs and capacity for this country.

The government's view has been that an instant asset write-off program has to be substantial—in the order of $20,000. I can tell you it has had immediate effect in the local economy of Western Sydney and north-west Sydney. In our local papers today, you will find ads from Nash Patel of The Good Guys, 'Small business tax break deals'. There are plenty of small businesses in my electorate immediately moving to take advantage of this generous program that will see instant asset write-offs.

The Abbott government has also delivered a company tax cut for small business, the first time we have had a lowering of the tax rate for small business, apart from a standard company tax rate, and this is going to be very well received. It is estimated that up to 780,000 companies will benefit from this measure. The best way to create jobs is to build a strong and prosperous economy that encourages business confidence, and of course to do that you have to lower the tax burden on business. Lowering the tax burden, enabling businesses to write off their assets instantly in a substantial way, like this government has done, will see that jobs growth, will see that confidence and will ensure an era of prosperity for small and medium businesses.