Andrew Southcott (Boothby, Liberal Party) Share this | Link to this | Hansard source

Two weeks ago, I was pleased to welcome Bruce Billson, the Minister for Small Business and parliament's resident good guy, to my electorate of Boothby. As he always does, Bruce went out to talk with local small business owners, listening to their feedback, in this instance, to find out whether the budget's biggest small business package in Australia's history would make a real difference to them. The response was overwhelmingly positive.

Small businesses in Westfield Marion, such as Royce Chocolates and Charlie's Club Sandwiches, are already looking for opportunities to make improvements or expand their operations. Not only will they have the lowest company tax rate in almost 50 years, they will now be able to claim an immediate tax deduction for each and every asset purchase up to $20,000. We even spoke to one young man working at Marion Hair and Beauty who was looking to start up his own brand new hairdressing business in the future. He will now be allowed to immediately deduct professional expenses, such as legal expenses on establishing a company, trust or partnership, rather than writing them off over five years. This will provide a real and tangible boost as he takes the next big step in his career.

This new package will also help employers create jobs and will assist Australia's unemployed, particularly unemployed youth, to build the skills to get into work. Small business is the engine room of the economy. It is where new jobs will be created, and that is why we are committed to a better deal for small business.