Bridget McKenzie (Victoria, National Party, Minister for Regional Services) Share this | Hansard source

The Liberal-National government is absolutely focused on delivering on our plan for a stronger economy. We know that a stronger economy relies on a stronger regional Australia. The government believes that lower taxes will benefit everyone. After all, it's not our money; it's theirs. We value reward for effort and getting in and having a go. That's why our new lower tax legislation will benefit small and medium businesses in regional Australia so they can grow their businesses and create more jobs faster in local towns and cities. With small businesses making up 82 per cent of the agriculture, forestry and fishing industries, and family farms being the most widespread form of business in the rural sector, tax relief has never been more important for our regional economies. Regional businesses with a turnover below $50 million will face a tax rate of 25 per cent in 2021, six years earlier.

In the state of New South Wales, Senator Williams, 36 per cent of small businesses are located outside the major metropolitan centres of Newcastle, Sydney and Wollongong, employing millions of your fellow New South Welshmen. They will benefit. In your home town of Inverell our tax cuts will help everyone from the local newsagents in Otho Street to the larger employers such as Boss Engineering, who employ 116 people. In a town of 12,000, that makes a significant difference. When we spoke to Boss Engineering and asked what the tax cuts would mean to them, they said: 'It means we can be more competitive. A tax cut of this nature will allow us to compete with imported products and means we can look at pricing to get an even bigger market share. Importantly it means we can employ more locals.' With more than three million small businesses in Australia meeting the threshold, tax relief is a direct shot in the arm that will result in more jobs and improve productivity. The Liberal-National government believe reducing taxes will mean we have the right conditions to employ more locals.