Kate Lundy (ACT, Australian Labor Party, Minister Assisting for Industry and Innovation) Share this | Hansard source

There are more than two million small businesses in Australia. This represents almost 96 per cent of all businesses in this country. Small businesses are the backbone of our industries, employing nearly five million Australians and making up over one-third of our economy. Small business people work hard and long hours and contribute enormously to the fabric and character of our society and economy. That is why this government, the Gillard government, is supporting small business.

Last night the government delivered on a historic reform to share the benefits of the mining boom and deliver a fair return to all Australians, including small businesses, from the development of the nation's resource wealth with the passage of the MRRT. This delivers a major new tax break for Australia's 2.7 million small businesses as well as a cut to the company tax rate for those businesses, with small business getting a one-year head start. However, the Leader of the Opposition has opposed this important reform every step of the way. It is unfortunate for those senators opposite that they continue their form not to represent small business people.

This generation of Liberal and National Party senators must be embarrassed because they are the first to break with the tradition of the coalition supporting tax breaks for small business. I cannot imagine what it is like to be in their shoes in this embarrassing moment in their political careers. Govern­ment senators remember the long debate and final vote on the stimulus package that guided the economy through the global financial crisis. The stimulus at that time was designed to support business and keep apprentices and tradespeople in work while building roads, social housing and school infrastructure, and it did just that. It kept people in work. And yet those senators opposite also voted against that.