Angie Bell (Moncrieff, Liberal National Party) Share this | Hansard source

I thank the member for the extra time in the chamber. I, for one, am proud, as a government member, to stand and speak about the budget measures from the Morrison government that are securing Australia's economic recovery. I say to Australians who may be listening that we on this side of the chamber have a plan. We have a plan to deliver more jobs and to rebuild our economy. We have a plan to set the country up for a very bright future.

Since the pandemic struck at the very beginning of last year, the Morrison government has provided $291 billion in direct economic support to keep businesses in business and Australians in jobs. I say to those opposite: JobKeeper was a key plank of the last budget. Without that support, for 10,400 small businesses in the Moncrieff electorate alone, we would not be in the positive and confident position that we are in as our economy moves forward. It's certainly kept the doors open on the Gold Coast, so I thank the federal government. My constituents and small businesses in Moncrieff thank the federal government, all 32,000 of them that have been supported—10,400 of them on JobKeeper alone. There is still much work to do. The pandemic is not over yet and we must not let our guard down. We must keep working and keep supporting our recovery, and that's why these 2021-22 budget measures are so important.

I want to talk about just a few areas of the budget. Firstly, as promised by the Treasurer, more than 10 million Australians, over 71,400 of them individuals in my electorate, will this year receive $1,080, for singles, or $2,160, for couples. That helps with the bills. This money—about $75 million will go back into my electorate alone—will be spent in coffee shops; it will be spent in restaurants and tourist attractions; it will be spent in hotels. It will go to school fees for families; it will go to sports fees; it will go to car maintenance and to bus fares. It will help create the economic environment that creates more jobs. That's what the Morrison government is about: more jobs and more support for the economy to create a strong future for all of us.

Another area I want to talk about is business tax cuts and incentives, which are so important on the Gold Coast, the home of the entrepreneurial spirit. Business owners need only wait less than a month for their permanent tax cut on 1 July, which will take the corporate tax rate down to 25 per cent. And all of that helps in our economy, especially on the Gold Coast.

In addition, the instant asset write-off or temporary full-expensing measure will now be extended—again, it's music to our ears in Moncrieff. What we are seeing now in the economy is the outcome of this measure from last year's budget—that is, business owners are investing back into their own businesses. They are buying cars, they are buying coffee machines, and they are buying plant and equipment for their manufacturing businesses and their small businesses. As result of last year's budget we are seeing record investment back into small business, not seen for seven years. That's a great outcome for the engine room of our economy that is small and family business. The proof is in the pudding, and that proof is that more Australians are in jobs today than when the pandemic hit. That is an outstanding result and something to be very positive about moving forward.

The loss carry-back measure will support those businesses that may not have been profitable this year, and it will allow companies with a turnover of up to $5 billion to offset losses for the 2019-20, 2020-21, 2021-22 and 2022-23 income years against previously taxed profits from 2018-19 or subsequent years and generate a refund. That's 11,900 businesses in Moncrieff. Multiply that around the country and how many businesses is that? I see those on the other side are a little bit bored with my speech because they don't get small business. They don't understand that 11,900 businesses in Moncrieff can now have the opportunity for that loss carry-back that keeps Australians—and Gold Coasters—in jobs. I'm absolutely thrilled about that. It's a great opportunity for Australia.

This is a time when we are rebuilding our economy. The Morrison government stands behind business, we stand behind income tax cuts for individuals across the country and we stand behind our Treasurer. How are these Morrison government investment incentives and tax cuts backing Australian business to drive our continued economic recovery from the COVID-19 pandemic, and is the Treasurer aware of any alternative approaches? (Time expired)

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