Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting on Deregulation) Share this | Hansard source

As I have indicated, the actions of this Labor government in providing a decisive and timely stimulus—opposed by those opposite—saved tens of thousands of small businesses in this country. But in the next three years we intend to provide further support for small business. There will be major cash flow boosts through special tax breaks and significant tax relief: as I have indicated, the $5,000 instant tax deduction—opposed by those opposite yet again; they are not going to support it—and the ability to depreciate all other assets at a single rate of 30 per cent. This is significant help for small business which is again going to be opposed by those opposite, the wreckers. Time and again, they oppose positive initiatives for small business. Some 720,000 small businesses will get an early start to the reduced company tax rate of some 29 per cent in 2012-13. (Time expired)