Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

In addition to the very important point that Senator Evans, as Leader of the Government in the Senate, made that we have kept the Australian economy strong over the last four years in the face of world recession, that we have created more than 700,000 new jobs when in many comparable advanced economies they have been losing jobs, the fact that we have kept the Australian economy strong has been particularly important for small business in this country.

We intend to go further. Now that the mining tax has passed the House of Representatives and will pass the Senate next year, part of that tax reform package has important and significant tax cuts for small business. There are more than two million small businesses in this country. They are vital to our economy, providing jobs for almost five million Australians. Part of the tax package, which is funded by the mining tax, which we are also very proud of—another important, positive contribution to strengthening the Australian economy—is to deliver significant tax cuts to small business. There is an instant write-off of up to $6,500 for each asset acquired by small business and simple depreciation rules to save time and money.

As I have mentioned, this important and very significant tax cut—one of the most significant tax cuts for small business that I can recollect in 20 years in this place—will cost over a billion dollars. My attention was drawn to a statement by the shadow assistant treasurer, Senator Cormann, who said, 'We will not proceed with any of Labor's other promises which they have attached to their mining tax'. (Time expired)