Steve Irons (Swan, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Small Business. Will the minister outline to the House how the budget will support small businesses to grow and create jobs, particularly in my electorate of Swan; and what has been the response from small business to the government's budget?

Bruce Billson (Dunkley, Liberal Party, Minister for Small Business) Share this | Link to this | Hansard source

What an exciting day for small business men and women in our country—the best budget small business has seen from a Commonwealth government has been not only announced, not only explained, not only properly analysed but we have now seen key elements of it pass the Senate.

To quote Gordon from Thunderbirds: 'All systems are go!' Get amongst it—go and invest up to your $20,000. But you do not have to be limited to just one. If you are in a situation where your business can be boosted by multiple investments of new assets and equipment up to $20,000, you can go again and again and again. There is no cap on this opportunity. There is no break on our encouragement for the enterprise and entrepreneurship that we are seeing.

The member for Swan has jubilant news to share with more than 15,800 small businesses in his electorate, but they are reciprocating. They recognise that we collaborate, we partner with small business. And just as we are engaging with small business men and women to see what we can do to help recover the 519,000 jobs lost in small business under Labor, small business people are doing their bit too. Part of that is liaising with local members.

It is great to hear the member's account of what he is hearing from his own electorate. We have got Barry, who runs Printezy in Victoria Park. Barry has just purchased a new printing machine to take advantage of the new $20,000 immediate deduction. But that is not the only thing that has passed through the Senate. The reduction in small business company tax to a rate not seen since 1967—what a subject to celebrate! What a statement; what an incentive for small business men and women. There is also an opportunity, as has been outlined by the Treasurer, to get behind the agricultural community with instant asset write-off opportunities for water infrastructure, for fencing and accelerated depreciation for food and fodder.

Unlike Labor, we have not forgotten about the 1.7 million small businesses that are not incorporated. Our package includes a discount of five per cent up to $1,000 to give those two out of three small businesses that are unincorporated the encouragement that they need. That is why the encouragement and support from ACCI comes as no surprise.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Griffith is not in her seat. Once more and she will leave.

Bruce Billson (Dunkley, Liberal Party, Minister for Small Business) Share this | Link to this | Hansard source

ACCI have said:

These deductions are particularly powerful when combined with recently announced measures to help new businesses, including allowing new start-ups to immediately deduct professional costs, such as for legal and accounting services—

to streamline business registrations, knowing that business registrations are the highest they have been in this nation's history.

What an exciting day for small business. We are working hard to energise enterprise. Key measures have now passed the Senate, and we are doing all we can to get behind those enterprising men and women to grow jobs and also help grow our economy. Today we are celebrating for small business.