Jonathon Duniam (Tasmania, Liberal Party) Share this | Link to this | Hansard source

My question is to—

Kim Carr (Victoria, Australian Labor Party, Shadow Minister for Innovation, Industry, Science and Research) Share this | Link to this | Hansard source

Another one that didn't vote for him!

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

Order, Senator Carr! I don't think that's being helpful, Senator Carr. Senator Duniam.

Jonathon Duniam (Tasmania, 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 about recent announcements outlining how the government is supporting Australian small and family businesses?

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

I thank Senator Duniam for the question. Led by Prime Minister Scott Morrison, the Liberal-National government continues to put in place policies that will ensure that the small businesses of Australia can continue to prosper and grow, because, as we know, when small businesses in Australia prosper and grow, they create more jobs for Australians and the entire nation benefits. As a government, we have continually put in place policies that will back small and family businesses. Why? Because they are the backbone of the Australian economy. Whether it's lowering their taxes to 25 per cent five years earlier than planned, whether it's extending the instant asset write-off or whether it is cutting red tape now to the tune of $6 billion, we will continue to deliver.

Today, colleagues, we have put in place yet another policy that will benefit the small and medium businesses of Australia. The Treasurer and I announced an important initiative to further help small businesses, in particular those in start-ups and in the early stages of growth, to attract new employees. We're doing this by simplifying the regulatory framework relating to employee share schemes. What this will do is allow employees to invest in the business that is actually employing them. Specifically, we are increasing the value limit of eligible financial products that can be offered in a 12-month period. We're going to double that, from $5,000 to $10,000, to make it more appealing for employees. We're also going to expand employee share schemes to include contribution plans, and we're going to allow small businesses to offer employee share schemes without publicly disclosing commercially sensitive information.

We have continued to listen to small business. We have listened to the feedback from them—in particular, those from the start-up sector. Today the Treasurer and I have announced yet another policy that will see them prosper and create more jobs. (Time expired)

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

Senator Duniam, is there a supplementary question?

Jonathon Duniam (Tasmania, Liberal Party) Share this | Link to this | Hansard source

I thank the minister for that answer. Why is it important to implement policies that assist small and family businesses?

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

It is well known that small and family businesses in Australia are the backbone of the Australian economy. They employ almost seven million Australians. Seven million Australians rely on small and family businesses for their jobs. We also know that the best form of welfare is a job. So when you put in place job-creating policies, as we on the Liberal-National side of the government do, you ensure that the businesses in Australia are able to operate under these policies. They can prosper and grow. And what do they do? They create more jobs for Australians. That is exactly what you are seeing under the Liberal-National government. The unemployment rate fell by 0.3 percentage points last month to stand at five per cent in September. This is the lowest level since September 2012. The economy has created almost 1.2 million jobs since we were elected to office in 2013. (Time expired)

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

Senator Duniam, is there a final supplementary question?

Jonathon Duniam (Tasmania, Liberal Party) Share this | Link to this | Hansard source

Finally, I wonder if the minister can outline what the risks are to the government's approach of backing small and family businesses?

Honourable Senators:

Honourable senators interjecting—

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

Order! I will call Senator Cash when there is silence. Senator Watt, you have a very distinctive voice. I don't even need to look in that direction.

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

The risks are that you will stifle the growth of small business. If you put in place policies, for example, like the Labor Party wants to do, which are going to increase taxes on business, what do you do? They have less money to spend on their business, to invest in their business, and they have less money to grow. As such, they are unable to create more jobs. Under this Liberal-National government we have now seen almost 1.2 million jobs created since we were elected to office in 2013. That is an increase of 10 per cent. Welfare reliance is at a 25-year low. Why? Because we are getting people off welfare and into work. But this only happens when you understand that you need to put in place the economic framework in which businesses are able to prosper and grow. Lower taxes are fundamental to that. That is something that those of us on this side of the chamber will continue to back every step of the way.