Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Small and Family Business, Skills and Vocational Education, Senator Cash. Can the minister update the Senate on how the Liberal-National government is helping small and family businesses?

Honourable Senators:

Honourable senators interjecting—

Scott Ryan (President) Share this | Link to this | Hansard source

Before I call Senator Cash, I remind colleagues of my need to hear the question. I ask for silence during questions.

Michaelia Cash (WA, Liberal Party, Minister for Small and Family Business) Share this | Link to this | Hansard source

I thank Senator Brockman for his question. I'm very pleased that under those of us on this side of the chamber, our government, small, family and medium-sized businesses in Australia will be paying less tax sooner, because our government is delivering on its commitment and its tax relief five years earlier than we'd planned. On this side of the chamber, we are prioritising small, family and medium businesses. Why are we doing that? Because we know—colleagues, don't we?—that these are the job-generating engines in our economy. In excess of three million small and family businesses in Australia employ more than seven million Australians, and on this side of the chamber we will do everything that we can to ensure that they have the right economic framework in place so that they can prosper and grow, because when they prosper and grow they create more jobs for all Australians.

Fast-tracking our tax relief for small, family and medium businesses is a good thing for all Australians; it's a good thing for our economy. Why? Because lower tax supports more investment, higher productivity, more jobs and higher wages. This tax relief is going to allow these businesses to reinvest back into their business. Again, when they reinvest back into their business, they prosper and they grow and they create more jobs, just like we want them to, for Australians.

What are we doing for small, family and medium-sized enterprises in Australia? The changes that we are going to introduce this week will see businesses with a turnover below $50 million face a tax rate of just 25 per cent five years earlier than we'd planned. But we can only do this because of the strong economic management brought to you by our government.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Brockman, a supplementary question.

Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

Minister, why is it important to provide certainty to small and family businesses?

Michaelia Cash (WA, Liberal Party, Minister for Small and Family Business) Share this | Link to this | Hansard source

Because, when you provide them with certainty, they are able to make decisions. When you provide them, in particular, with certainty in relation to tax cuts, they can plan out how they are going to reinvest back into their business. When they reinvest back into their business, they are able to grow their business. When they grow their business, they are able to employ more Australians, and that means that our nation as a whole benefits.

But it's not just tax relief for small, family and medium businesses that we've been delivering. On this side of the chamber, we have made a very conscious investment to put in place the right policies to ensure that employment in this country grows. Whether it's extending the instant asset write-off, whether it's cutting red tape or whether it's streamlining GST reporting for in excess of 2.7 million businesses in Australia, everything we do on this side of the chamber is to ensure that businesses—in particular, small, family and medium businesses—are able to prosper and grow. (Time expired)

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Brockman, a final supplementary question.

Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

Is the minister aware of any risks to the more than three million small and family businesses in Australia?

Senator Cameron interjecting—

Michaelia Cash (WA, Liberal Party, Minister for Small and Family Business) Share this | Link to this | Hansard source

Senator Cameron's exactly right. A Labor Prime Minister is a massive risk to small, family and medium-sized businesses in this country, because, as we know, Mr Shorten—or, as someone else referred to, 'Unbelieve-a-Bill'—has tried to convince Australians, but he is not succeeding, that he is a friend of these businesses. This is someone who was dragged kicking and screaming to the table last week to support our tax cuts. Small, family and medium-sized enterprises in Australia know that Mr Shorten and Labor are no friends of theirs. The proof is quite literally in everything that those on the other side stand for. In June of this year, do you know what they did? They actually promised these businesses that they'd raise their taxes and reverse the tax cuts that we have put in place. So there is a risk, and it's a Shorten Labor government.