Steve Irons (Swan, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on how the government's plan for a stronger economy is helping businesses across Australia, including in my electorate of Swan, to invest and create more jobs? Is the Treasurer aware of contrary schemes?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Swan, who, as a successful small businessman, particularly before he came into this place, would want to congratulate all small businesses around the country for the role that they have played in ensuring that, since the election of this government, more than a million Australians have got themselves into work. It's the ultimate 12-point turnaround when you've got people going from welfare and into work, and small businesses have been the absolute heroes of that story, ensuring we're getting Australians into work. And this government is backing those heroes in small businesses, in family businesses. We've been backing them with lower taxes. We've been backing them with simpler taxes. We've been backing them with stronger competition laws with changes to section 46—opposed by those opposite, I hasten to add, as were the lower taxes. There are increased incentives around small businesses to get out, start companies and invest. We're seeing more and more of these businesses being created. Businesses up to $50 million in turnover—already 3.3 million of them—employing more than half of the labour force in this country, are already benefiting from our legislated enterprise tax plan, which is delivering them lower rates of tax. And there are 18,400 businesses in the Swan electorate who are benefiting already from the enterprise tax plan that we've already had legislated through the parliament.

Today I introduced legislation into the House to extend for a further year the instant asset write-off, which applies to businesses of up to $10 million—not $2 million; up to $10 million—to unsure that they can gain access to the instant asset write-off. In the member for Swan's electorate there's a company like many. This one's called Print Easy. It's a small business. It's run by Barry and Diana Mather. They're a business that has been using the instant asset write-off and are thrilled to know that they will be able to use it for a further year to purchase equipment to expand their business, and they see it for the incentive it is. But, more than that, the instant asset write-off isn't just helping small business; it isn't just helping them to invest more in their businesses. What it is is a clear sign from this government which says: 'We get it. We back you. We know you're the strength of this economy and we're in behind you every step of the way. Everything we can do as a government to support small and family businesses in this country, we are doing.'

I'm asked about alternatives, and it's quite straightforward. At that despatch box two days before the budget, the Leader of the Opposition came in and confirmed he was putting taxes up for all businesses over $2 million in turnover a year. He goes on with his figures about $80 billion. He goes on saying he'll reverse the enterprise tax plan, and that includes the legislated tax cuts for businesses that have already gone through the parliament-businesses between $2 million and $50 million. The Leader of the Opposition is putting their taxes up if he ever gets the opportunity to put his hands in their pockets if he becomes Prime Minister. (Time expired)