David Gillespie (Lyne, National Party) Share this | Hansard source

The Personal Property Securities Amendment (Deregulatory Measures) Bill is a very straightforward matter for this House to consider. As you know, we in the coalition support simplifying business. We are trying to cut out unnecessary red tape, removing duplication, costs and ambiguities for business. The Personal Property Securities Act of 2009 did bring a lot of different state-based registration systems into one house, and it was passed with bipartisan support. But there was some residual confusion with this act, and this amendment tries to address that problem. The 'leases of 90 days or more and less than 12 months' requirement meant that many leases had to be registered, which added to the costs and the complications for the leasing company and the person taking the lease. These amendments change the deeming provisions so that where the lease is for more than 12 months, or for an indefinite term, it is a registered security; but for leases of less than that it will not be required. Multiple pieces of paperwork will become unnecessary and multiple lease-registration costs will not be incurred. The Personal Property Security Register remains unchanged.

As you know we have had three red-tape repeal days. This is one of those red-tape repeals. It is a clarification and a simplification. To put a monetary value on it, there is a value of $11.2 million to the benefit of customers leasing goods on a short-term basis and/or the businesses conducting leasing activities. It also simplifies matters in the case of insolvency and for financial institutions. The principle of keeping it simple is applied here. The red-tape repeal target we set ourselves was to repeal at least $1 billion worth of red-tape costs from the economy, and with three red-tape repeal days we have achieved that and more. Over $2 billion worth of red tape, strangling and stultifying small and big business, has been removed from businesses across Australia. Not only have we done that; we have been doing a lot to help small business. You only have to see what we brought out in our last budget. There were the tax cuts to small business—1½ per cent is a brilliant initiative for small business. The one-off five per cent reduction for unincorporated businesses is another great relief for people running small businesses that are unincorporated, whether they are the local hairdresser, the local florist shop or a tradesman. A one-off five per cent cut in their tax of up to $1,000 is a great initiative and will be really appreciated by small businesses in the Lyne electorate.

We are all about keeping costs down for business and for customers. This is common-sense legislation. I commend it to the House. Not only do we have this sort of legislation, but we have small businesses represented in cabinet by a very able Minister for Small Business. We will continue to fight for small businesses around the country—and big business—because it is the economy that drives the wealth of employees and companies, and it is what keeps Australia vibrant and strong. The best help we can give Australian citizens is to have a strong economy so that people can get jobs, get ahead and have a go. This legislation marries nicely into our latest budget, which is great for families and great for small businesses. I commend this bill to the House.

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