Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

As the Senate knows, the government's second budget was designed to build on the progress that we have made over the first 20 months or so in government and it seeks to keep the momentum on jobs and growth going. Today the Senate passed the centrepiece of our small business and jobs package, and we are very grateful for the Senate's support for a 1.5 per cent tax cut for small business, for a very important initiative in the $20,000 immediate asset write-off, which will encourage small businesses across Australia to invest in their future success and, as they become more successful, to employ more Australians. We understand that, as Australia goes through a significant structural adjustment, small business is going to be critically important in generating the growth of the future. Four and a half million Australians are employed by small business today, and we want many more Australians to be employed by small business in the future. (Time expired)