Bert Van Manen (Forde, 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 plans for a stronger economy back business to grow, invest and employ more Australians, including in my electorate of Forde? Is the Treasurer aware of the effects of alternative policies?

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

I thank the member for Forde for his question. He knows that a key component of the Turnbull government's plan for a stronger economy is to back businesses, small and large, to ensure that they employ more Australians. More than a million Australians have been employed since this government was first elected back in 2013. In the last 12 months, 80,000 young people have got a job under the policies of the Turnbull government. A key part of that plan is to ensure that small and large businesses have competitive rates of tax.

Our plan started with small businesses, ensuring we redefined a small business as a business with a turnover up to $10 million and that those small businesses got a lower tax rate, got access to the instant asset write-off, which we extended, and got the lowest tax rate since the 1940s for small businesses—businesses like True Blue Glass at Loganholme in the member for Forde's electorate or WB Truck 'n' Trailer down in Burnie, which I visited. These are businesses with just a handful of employees that we have delivered lower rates of tax to. We've extended and legislated that tax relief for businesses up to $50 million. As the member for Corangamite was just saying, Hamlan Homes employs some 35 people and has a turnover between $10 and $50 million. And good old Coxon's Radiator Service up in Rocky have got 35 employees and a turnover of almost $50 million. We know that those businesses underpin regional economies. They underpin regional towns and centres across the country, providing young people with jobs and a future for those towns.

Something very interesting happened yesterday. It was quite a shock. The Leader of the Opposition told the truth.

Government members: No!

I know it's surprising.

A government member: You're misleading the House!

I'm accused of misleading the House, but it's not true. He actually told the truth yesterday when he said that Labor will rip back the tax relief that we have legislated for businesses of between $10 million and $50 million in what the member for Bass reminded us of was a pure captain's call to go out and make that statement. This will cost, as a conservative estimate, around $1 million for every business over the next 10 years and about $12,500 or more per employee in those businesses. That is the cost of what this reckless Leader of the Opposition, this liability of a Leader of the Opposition, will do to businesses as he steals back the tax relief that this parliament has legislated.

The Turnbull government have a plan for a stronger economy. It's about backing businesses like Hamlan Homes, Coxon's Radiator Service and True Blue Glass. We're backing all of these companies to create more jobs with more competitive rates of tax. The Leader of the Opposition wants to shut them down. (Time expired)