Michael McCormack (Riverina, National Party, Parliamentary Secretary to the Minister for Finance) Share this | Hansard source

It was a long time ago. The member for Longman certainly was not born at the time, and he is very much looking forward to a point in time when we get back into surplus. I will not say he is looking forward to the time that Labor achieves a surplus, because we do not want to see Labor back in government and doing what they did between 2007 and 2013.

The $2.45 billion of total deregulatory savings is a significant achievement because it will produce a real and positive impact on business. Business confidence is at a very good level at the moment, particularly after this year's May budget when the instant asset write-off for $20,000 worth of goods was introduced. Certainly it is amongst the farmers, who can write off their fences as a 100 per cent total deduction straightaway. That produced a lot of confidence within my electorate of Riverina.

For the first time in Australian history, the federal government have undertaken a thorough and accurate stock take of all federal regulatory costs. We are consistently measuring and decreasing the cost of government red tape for Australian businesses, organisations, families and individuals. As I say, we are energising enterprise. We hear the small business minister saying that in his evangelical way all the time, and it is so true. We are energising enterprise, and that is a good thing. I commend this legislation to the House.

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