Andrew Gee (Calare, Independent) Share this | Hansard source

I rise to support the amendments proposed by the member for Warringah, and I commend her for bringing these very important changes and amendments to the House. It is no secret that small businesses have been doing it very tough right around Australia but particularly in country Australia. There are high interest rates, high energy costs, inflation and too much red tape. There is red tape seemingly at every level of government. There's the stress that our small-business people experience of having to borrow money and lie awake at night hoping that they will be paid so they, in turn, can pay someone else.

It is not easy being in small business, yet our small-business people are key to driving jobs, prosperity and growth in the regions and right around the country. The instant asset write-off is a very important measure to support our small-business people. It enables our businesses to make key investments to keep their businesses thriving, which has been very difficult lately, but it could be made better. This is what the member for Warringah has put to this House. She wants to improve this key piece of legislation and this key measure for small business.

At the moment, as members such as the member for Wentworth have eloquently pointed out to this House, the instant asset write-off has been a year-to-year proposition. Businesses have not had certainty that the instant asset write-off will be there from one year to the next. Because of delays in the implementation and the passing of legislation relating to the instant asset write-off, it has meant that some businesses just haven't been aware of it. Some businesses have missed the opportunity to take advantage of it. So it should be made permanent. By making it permanent, it allows businesses to plan their investment decisions. It would allow them to steer by the stars instead of navigating by the lights of each passing ship, and that certainty is a very important thing for small businesses right around the country. So I'm very supportive of that measure in the amendments.

I'm also very supportive of actually extending the instant asset write-off and increasing it to $50,000. This will allow more businesses the flexibility to make larger investment decisions and receive the tax benefits that the instant asset write-off brings. It will drive more growth and more investment and will actually help our businesses thrive. I'm very supportive of the amendments. I commend them to the House, and I implore all members of this place to get behind the amendments and back our small businesses—the engine room of the Australian economy.

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