Bert Van Manen (Forde, Liberal Party) Share this | Hansard source

It's a pleasure to rise to speak on this motion by the member for Herbert about the range of supports that this government has provided to small and medium business right across my electorate of Forde. This motion, in particular, focuses on the extended temporary expensing measures, the extended loss carry-back measures and, importantly, on establishing a patent box for our biotechnology and medical technology sectors. All of these are predicated on boosting the investment of support for business right across this country.

These incentives are unprecedented in their scale and scope, and are available to over 99 per cent of all businesses, which, together, employ around 11.5 million Australians. Since the budget of October 2020, investments in new machinery and equipment have increased at their fastest rate since March 2003. They increased by 8.5 per cent in the December quarter and 10.3 per cent in the March quarter, to be 7.2 per cent higher over the year. These investments will boost economic activity and employment opportunities both in the short term and the longer term. In the longer term, equally, they will boost the productive manufacturing capacity of the economy of the future.

The budget will ensure this momentum continues. An estimated $320 billion worth of investment is expected to be supported off the back of these initiatives, combined with an additional $20.7 billion in tax relief to business over the forward estimates. This is investment which goes through the supply chain. We can look at a business like Holmwood Highgate and its success with defence contracts. Over 80 per cent of materials that go into new defence contracts for manufacturing water and fuel tankers is sourced from our local supply chain. It's this government, through its investment in these initiatives but also in its support for business through the R&D tax incentive, that is helping to create the opportunity for businesses to innovate and grow.

I know that in my electorate of Forde the many small to medium businesses across the electorate that I have met with and talked to recently are very thankful for the JobKeeper program over the past 12 months. It ensured that they were able to keep their doors open and keep people employed. And they appreciate a number of the other grant programs, such as those I've outlined. The Manufacturing Modernisation Fund has helped the business I mentioned earlier, Holmwood Highgate. They've been able to invest, through that, in a state-of-the-art laser cutter for aluminium and steel. The consequence of these investments is that they're growing their workforce, putting on more apprentices. And all of this leads to jobs in our local community. They have even entered into partnerships with our local high schools to bring in school based apprentices and trainees.

This creates further opportunities and pathways for our students and helps them to understand that there are myriad job opportunities in the electorate of Forde and right across the country that don't always involve, initially, going to university. This showed in the unemployment numbers that were released last week. The unemployment rate fell to 5.1 per cent, exceeding all expectations. Employment is now 130,000 above its level in March 2020, pre-COVID. The incentives that the government has created are about helping people grow and build their businesses, therefore growing and driving our economy and ensuring job opportunities for Australians. They are helping business, and many of the 17½ thousand businesses across the electorate of Forde have been able to take advantage of these opportunities. I know this is creating economic activity and job opportunities. It is just another example of this government continuing to deliver for Australians, each and every day.

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