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

Me, too. I'll touch on the farmers, and then I'll go to the startups part of the question. When it comes to farmers, as a consequence of the implementation details that we announced on Thursday, something like 99 per cent of all agricultural businesses will be eligible for the updated 50 per cent active asset reduction—99 per cent of ag businesses, including farms. This might be why the National Farmers' Federation has described this as 'one of the most consequential wins for the NFF and its members following sustained advocacy on behalf of farmers'. That's the NFF taking a more constructive approach than those opposite.

When it comes to the startups paper that we released on Thursday, as we flagged in the budget papers on budget night, we are engaging, in good faith, in a meaningful and genuine way, and the consultation paper that we released goes to some of the questions that the honourable member asked me about—defining innovation, how long the business is held for—so we can provide the appropriate number of concessions and carve outs for a really important part of our economy, which is the startup sector.

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