Mark Arbib (NSW, Australian Labor Party, Minister for Sport) Share this | Hansard source

As I have said, we have a strong economy, but at the same time as that we need to support businesses with their cash flow. That is what the minerals resource rent tax is about: assisting small business.

Those on the other side—those Liberal Party and National Party senators—have said already they will vote against the tax of the biggest miners, billionaires. The people who will pay are Australia's small businesses because the major beneficiaries of this tax are our small businesses. They will benefit from greater infrastructure and greater productivity through increased road and rail funding. They will also benefit from direct tax cuts that start on 1 July. But there will not just be a cut to the company tax rate; they will also benefit by an accelerated depreciation schedule, which will mean that they will be able to write off assets up to $6,500. The instant asset write-off is going to help the cash flow of small businesses. (Time expired)