Raff Ciccone (Victoria, Australian Labor Party) Share this | Hansard source

Seriously, I'm not sure what I have been listening to this afternoon from Senator Reynolds. Being here next to the finance minister, I know she's one of the finest finance ministers that we have had in a generation, working alongside one of the best treasurers this country has ever had. I say that because, when I look at the financial position of this country, I see that this government, since coming to office back in 2022, has delivered not one but two budget surpluses and looks to be on track for another. I say that because our budget position has been sound.

We've delivered budget surpluses, but guess how many budget surpluses the previous government delivered. I'll tell you a little secret: it doesn't have a number, because it's a big fat zero. In the decade they were in government they racked up an enormous amount of debt—over $1 trillion worth—which the Commonwealth now has to service. That's right: $1 trillion of debt was accumulated under a Liberal-National government, the so-called economic managers on that side of the chamber.

But Labor is currently in government. When we were last in government and had one of the world's best treasurers—remember Wayne Swan?—the IMF and others applauded how Australia conducted itself as one of the most fiscally responsible governments around the world. He was awarded the title of best treasurer of the world. I say that with a very good colleague of mine, Senator Gallagher, here today. She has the world and the country on her shoulders when it comes to ensuring that the economy of this country remains stable, is able to function and does not go into recession.

That's unlike those opposite, who, every single week, come into this place and advocate for this country to go into recession. They absolutely want to smash small businesses and want to make sure that the wages of the working class, the workers of this country, go backwards. Not once when they were in government did they advocate to increase the basic wages of working men and women of this country. But the very first action that the Albanese Labor government took when it first came to government was to put a submission to the Fair Work Commission advocating for an increase to the wages of those who were on the minimum wages, the awards, of this country. Guess what? The commission agreed. We have seen time and time again in the last couple of years increases to wages, which are now filtering through our economy and supporting many men and women and their families who are on some of the lowest and middle incomes of this economy around the country.

I also want to acknowledge the report by COSBOA. It's important to look at what this government has been able to do. I say this from the outset: we have over 5½ million small businesses, and they are the engine room of our economy. They are the heart of many economies and many local communities around the country, including those in regional Australia that I visit on multiple occasions when I'm not here in Canberra. They employ millions of very hardworking Australians. But there are some things that I want to run through.

The government has been supporting and providing assistance to these 5½ million small businesses. In our most recent budget we provided over $640 million in practical and targeted support. We gave small businesses a tax cut in the last financial year, through the $20,000 instant asset write-off. We've also extended it for a further year, with legislation before this place right now, to provide small businesses with confidence and certainty to invest. This is equivalent to an estimated $290 million of support each year. We are abolishing 457 tariffs in the largest unilateral tariff reform in two decades. We've updated the Commonwealth Procurement Rules, and small businesses are getting a big slice of the $70 billion in contracts the Australian government spends each and every year, with a target of 25 per cent. Our government is investing more than $60 million to help small businesses lift their cybersecurity and digital capabilities.

The very fact is this government, federal Labor, is on the side of workers. It's on the side of small businesses, unlike those opposite, who are always against the working class. (Time expired)