Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

The first point is: we've learned in recent weeks to tread very carefully when it comes to those opposite verballing people's comments, and so that's the first point. The second point is that the program that the shadow minister is referring to was a coalition program. That's the second point. And, on the third point about business insolvencies, of course we understand that businesses, especially small businesses, are under pressure.

But I want to provide for this House, because those opposite are quick to, I think, use figures in a misleading way. I wanted to point out the following. Insolvencies as a proportion of companies under the Albanese government have been the lowest for any government on record. Business insolvencies are lower than they were under Prime Minister Howard. They are lower than the nine wasted years of Prime Ministers Abbott, Turnbull and Morrison. Insolvency rates as a proportion of businesses are lower under this government than under the Howard government and the three governments which preceded us. They are currently almost half of the pre-COVID average. That's business insolvencies.

Now, instead of using the percentages, they want to use nominal—they want to use the total amount of businesses. Isn't it strange that they never mention that, since the government came to office, we've averaged around 26,000 new companies each month according to ASIC data. This is more than 20 per cent higher than the average under the former government. More businesses are being created on our watch; it's actually more than 2½ times what was recorded under the Howard government. And so that's an important bit of perspective, I think, when those opposite peddle partial numbers telling a partial story.

Of course we support small businesses. The small business minister is an extraordinarily dedicated minister to the small businesses of this country. Because of her work and Minister Collins's before her, our government is providing more than $2 billion in targeted support for small business, including in the program that was drawn up and implemented by those opposite, which is currently underperforming.

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