Dean Smith (WA, Liberal Party) Share this | Link to this | Hansard source

My question is to the

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

I thank Senator Smith for his question. When we, the Morrison government, say we back small and family business, we put in place the policies that show exactly that. There is a well-known saying: cashflow is king. Well, cashflow is well and truly king for small and family businesses. In fact, it is crucial to their ongoing prosperity and growth. As I travel around Australia, so many small and family businesses say to me that, when they do not get paid or their payments get delayed, it affects their viability to operate.

We believe that small and family businesses are the backbone of our economy. We also believe that they should not have to wait months and months to get paid for work that they have already completed. The millions and millions of small and family businesses around Australia deserve to know that the businesses they engage with are paying them on time so that they can have the cashflow they need to get on with business. Disappointingly, a number of large companies in Australia take advantage of small businesses and subject them to unreasonable and unfair payment times. We say enough is enough. No big business in Australia should be allowed to use small and family businesses as a bank. We as a government have taken some action. We are, of course, leading by example: the government has committed to paying all contracts up to $1 million within 20 days commencing on 1 July 2019. We're also now going to require large businesses with a turnover in excess of $100 million and government agencies—you need to lead by example—to publish payment information on how they engage with small business. Cashflow is king, and small and family businesses deserve to have that. (Time expired)

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

Senator Smith, a supplementary question.

Dean Smith (WA, Liberal Party) Share this | Link to this | Hansard source

Thank you, Mr President. Can the minister explain the benefit to the Australian economy of backing small and family businesses?

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

As we on the side of the chamber, the Liberal-National government, know, when small and family businesses in Australia prosper and grow, the whole economy benefits. Why? There are in excess of 3.3 million small and family businesses in Australia who employ approximately seven million Australians. They, of course, are the key to Australia's economic success. The success of small businesses is one of the key reasons that, under the Liberal-National government, we have seen almost 1.2 million jobs created since we were elected to office in 2013. As I've said, when small and family businesses prosper and grow, so does the Australian economy. That is why, day after day, you will see policy announcements. Whether it is lowering their tax down to 25 per cent or extending the instant asset write-off, we will always put in place policies that back the small and family businesses of Australia.

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

Senator Smith, a final supplementary question.

Dean Smith (WA, Liberal Party) Share this | Link to this | Hansard source

Is the minister aware of any risks to the government's plan to support and back in—

Honourable Senators:

Honourable senators interjecting—

Senator Cameron interjecting—

Senator Ian Macdonald interjecting—

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

Order on my left. Senator Cameron; Senator Macdonald!

Dean Smith (WA, Liberal Party) Share this | Link to this | Hansard source

Is the minister aware of any risks to the government's plan to support and back in Australia's 3.3 million small and family businesses?

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

Before I call you, Senator Cash, I insist on silence during the question. Senator Cash.

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

Absolutely, Senator Smith, a Shorten Labor government is a clear risk to the viability of small and family businesses in Australia. Those on the other side don't seem to understand that a business that has to close employs no-one. In fact, as we often say, the closest those on the other side have ever come to a business is to proudly close it down. Well, shame on you, because, when you close down a business, that means Australians lose their jobs. Up until recently, those on the other side actually promised to increase the taxes that small and family businesses pay in Australia. They needed to be dragged kicking and screaming to the right side of the chamber to support our plan, the Morrison government's plan, to lower the taxes that small and medium businesses in Australia pay. Why? Because we know that the more money that a small family business has, the more it's able to invest in that business, grow that business and employ more Australians.