Scott Buchholz (Wright, Liberal Party) Share this | Link to this | Hansard source

The Australian today has the headlines 'Record business collapses' and 'Record number of small businesses go to the wall'. Company insolvencies have hit a record high, with over 6,600 firms collapsing in the last six months. Shame! Since Labor came to power in 2022 more than 22,000 businesses have faltered, especially in construction, hospitality and retail—the backbone of our economy. Small businesses—the engine room of our nation—are being crushed under some of the soaring inflation, crippling interest rates and mounting red tape which are escalating under Labor's watch. This Labor government has failed to protect them from skyrocketing costs, industrial relations chaos and growing cyberthreats. Labor's inaction has driven hardworking small business owners to the brink, forcing many to dig into their personal savings just to stay afloat and putting local jobs at risk. Most of these small businesses secure the loans that they get from their bank with their homes. I don't have the data to share with the House on how many small businesses have lost their homes, but I will inform the House when I get that information. Small businesses are struggling under Labor's government and feel that they are being left behind.

The coalition stands with these hardworking Australians, fighting for a stronger and more supportive environment where small businesses can thrive and not just survive. Let's not allow Labor's neglect to destroy the backbone of our economy. The LNP is the only party of the small business, and my heart goes out to all those businesses that have closed under this terrible government.