Michael McCormack (Riverina, National Party, Minister for Small Business) Share this | Hansard source

'Here it comes!' the member for Whitlam says of the coalition's 10-year enterprise tax plan. It is so clear. It is all about jobs, growth, investment and lowering company tax rates, while those opposite continue to run scare campaigns. They chatter like parrots as I speak about these important things—I could say 'galahs', but I will be respectful!

And, speaking of an Australia with a bright future, we know that Australians deserve a government which needs to do so much better. We want to continue our economic success. And that is why we are doing much better than those opposite did in the six sorry years that they were in power. Australians deserve a government which wants to create more jobs and ensure opportunities—something which anyone can take advantage of in the Australia of today.

Our economic national plan understands the challenges and opportunities of a modern Australia. We are the nation's leaders. Those in this parliament are the nation's leaders, and that is why we should all get behind our 10-year tax plan, to take advantage of the globalised 21st century.

That is why we have got a plan to cut the company tax rate to allow Australia's small and medium enterprises to employ more people and create better opportunities. That is why our 10-year tax plan is so important. It is a plan which will cut small businesses' taxes. It is a plan which will increase by 870,000 the number of small businesses to which that tax cut applies. And it will mean, more than anything, that Australians have a plan from this government which is about backing them—getting behind them; boosting their confidence; boosting their agility. We want to back the small-business owner, the IGA owner, the cafe owner—the person who has taken a risk, not the one who has just received a cheque from their union mates, picketed outside a shop or heavied somebody who just wanted to get on with the job of a cement pour on a construction site. We want to back real people—real, decent, hardworking, good people who want to get behind this nation and boost it. We want to back the farmer who wants to feed and clothe the world, besides our nation. We want to back the business with a turnover of between $2 million and $10 million to get the company tax rate that they need in order to grow.

We on this side of the House understand small business. We know that a small business might turn over $2 million but that that does not mean that is their profit. That is what those on that side do not understand. They think that a business with a $5 million turnover is in clover! They think that they are rich. But it takes hard work to run a small business. It takes hard work—the sweat of your brow. You are up at sun-up and going home at sundown and then having to get on with the paperwork. I do not think they understand or quite appreciate just what that means.

But I dare say that the shadow Treasurer understands, because in his Hearts & MindsI borrowed it from the Parliamentary Library; I did not want to actually pay for the thing—he says:

…it's a Labor thing to have the ambition of reducing company tax, because it promotes investment, creates jobs and drives growth.

Well, if he wrote that in his book, why does he not get behind our 10-year enterprise tax plan now? Why doesn't he do it? I just cannot understand it.

There are 2.1 million small businesses in this country. Between them, they employ nearly five million Australians. And, through championing these small businesses, through being their advocate and making their job just a little bit easier, we will see small business grow. We will see more people employed and see more than two decades of uninterrupted economic growth continue.

It is not just the coalition that understands that cuts to the company tax rate are important. Peter Strong, the chief executive of the Council of Small Business said recently:

It gives the opportunity for the senators, and others who are opposed, to have a look at the impact of the tax cuts from the ground and make an assessment.

Mr Strong knows this change to the company tax rate will open opportunities for small business. He gets it. And those on the other side should follow suit. He knows it will encourage growth and he knows it is something that small business owners themselves want. They need it. They demand it. Get on board!

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, gets it. She said of our proposed tax cuts:

I've spoken to countless small business owners about the tax cuts; they all plan to put the money they save back into their business, not into their back-pockets.

She continued:

So often, small businesses are described as the engine room of the economy; this is certainly true, and if our politicians are truly serious about getting the engine room firing on all cylinders, they'll unite on this important measure and pass the small business tax cuts into law as soon as possible.

That is what Kate Carnell said. I could not agree more.

So the leader of the opposition needs to get on board, absolutely. It is important. It is critical for small businesses, for farmers and, indeed, for our nation.

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