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

Thank you, Senator Hume, for your question. Australia is a small-business nation, and our economy is strong thanks to hardworking small and family businesses. A strong small-business sector means more jobs and stronger communities.

Today, the Treasurer Josh Frydenberg announced that the Liberal-National government will provide even more support to help grow small businesses right across Australia. This announcement recognises the reality that small businesses are increasingly finding it more difficult to obtain finance to grow and to employ more people. The creation of the $2 billion Australian Business Securitisation Fund will enable greater access to finance for small businesses, on more competitive terms, when they need it. They'll also be able to support them to expand their operations and create more jobs locally.

Ninety-seven per cent of Australian businesses are small businesses. They account for 33 per cent of Australia's GDP and employ over 40 per cent of our workforce. They pay 12 per cent of the company tax revenue. The announcement today is incredibly good news for small businesses operating right across regional Australia and in our home state of Victoria.

Damien Cofield of Cofield Wines, Wahgunyah, in the great north-east of Victoria, is able to access the $2 billion—

Senator Kim Carr interjecting—

Yes, Senator Carr, in the great electorate of Indi. The small-business fund couldn't have come at a better time. He said, 'There are great opportunities in overseas markets, but we're struggling to come up with the capital through normal channels to grow the business.' He said, 'The other benefit is that we will buy our wine vats regionally at other local businesses in Wodonga.' So other regional businesses win as well.

Our government understands the needs of small business. We have a strong track record of delivery, including cutting the small-business tax rate, extending the instant asset write-off and simplifying the BAS. With more than three million small businesses across the country, the government is strongly committed to focusing on them and the jobs they create.