Marise Payne (NSW, Liberal Party, Minister for Foreign Affairs) Share this | Hansard source

The government knows that the less a business pays in tax the more it is able to hire new staff and expand its operations. We have cut taxes for 3.3 million businesses in Australia to the lowest level in 50 years—these are businesses which employ around 6.8 million Australians—and that rate will be reduced even further by 2026-27. Those opposite will increase taxes on around one million small businesses who, in turn, employ millions of Australians, damaging their ability to hire more staff, to pay more voyages, to invest and to grow. As I mentioned yesterday, the government has also delivered an extension to the $20,000 instant asset write off for a further 12 months. It is a very popular initiative. It's been a great success. It's extension is strongly welcomed by the more than three million small businesses eligible to access it. That is all part of the government's plan for a stronger economy.