Anne Aly (Cowan, Australian Labor Party, Minister for International Development) Share this | Hansard source

I thank the member for Brisbane for her question. It was an absolute pleasure to visit some of the really inspiring small businesses in her electorate around two weeks ago; I thank her for that.

Since we came to government, I'm pleased to inform the House that Australians have established an additional 180,000 small businesses—visionary individuals who are strengthening our workforce, strengthening our supply chains and strengthening our communities. Yesterday's budget delivers for them, ensuring they have the settings they need to thrive. As one masthead put it, 'Gee whiz, it's a win for small biz'—clever!—declaring that Aussies running small businesses are a surprise winner in this year's budget, even going so far as to call it 'a cash flow hug' from our great Treasurer here.

We're backing small businesses as part of our $3.5 billion of new business tax relief to boost investment, to increase cash flow and to support growth. The $20,000 instant asset write-off has been a lifeline for small businesses seeking to upgrade or purchase assets to grow their businesses and to keep their cash flowing. But, for many years, they've had to navigate whether or not the instant asset write-off would be available for them in future years; they've had to navigate that uncertainty. That's now a permanent feature of this government's small-business assistance, making it a permanent feature for small businesses, and, importantly, saving small businesses around $32 million per year in compliance costs.

The budget also contains a permanent two-year loss carry-back, so that small businesses can return to profitability faster and can have the confidence to invest earlier. The big one is that we are slashing red tape, simplifying the tax system, harmonising national systems with a 'tell us once' approach and cutting regulatory costs by over $10 billion right across the economy. Along with fee-free TAFE and incentives for apprenticeships, we're improving skills recognition and skilled migration systems so that small businesses can have access to the skilled workforce they need.

Red tape, cash flow and access to skilled workers are the three big things that small businesses raise with me every time I see them. This budget sends a clear message to them that the Albanese government has listened. We're delivering the kinds of changes that they need to thrive and grow, because they have an Australian story—a story of nation building, of aspiration and of giving back.

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