Rex Patrick (SA, Centre Alliance) Share this | Hansard source

I move amendment (1) on sheet 8896:

(1) Clause 5, page 3 (line 7), after the definition of rules, insert:

small and medium Australian enterprise means an Australian business with an annual turnover (within the meaning of the Privacy Act 1988) of less than $100 million.

What this amendment seeks to do is to define what a small to medium enterprise is. The bill is purported to allow investment opportunities for small to medium enterprises, but it doesn't actually define what a small to medium enterprise is. So, the first part of my amendment inserts a definition as to what a small to medium enterprise is and basically puts a threshold in there, a criterion in there, of an enterprise with an annual turnover of less than $100 million. Currently the bill only refers to this term within the objects of the bill. My amendment will provide clarity that only Australian based businesses that have an annual turnover of $100 million are the types of businesses that the business growth fund may invest in.