Peter Hendy (Eden-Monaro, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on the green shoots in the economy? How will stronger and more profitable small businesses create more growth and jobs for all Australians?

Ms MacTiernan interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Perth is warned! In fact, the member for Perth can leave under 94(a).

The member for Perth then left the chamber.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for Eden-Monaro for his question. I must say—

Mr Champion interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

And the member for Wakefield can join her under 94(a).

The member for Wakefield then left the chamber.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

That collectively lifted the IQ of the Labor Party! The member for Eden-Monaro raises a very good question. The question is: how can we help small business to be more profitable and more successful? Last week the member for Eden-Monaro and I visited the Central Cafe in Queanbeyan and met the Mastoris family. In that family business they employee 20 Australians from seven different countries. As I grew up in a small business and as so many of my colleagues have been involved in small businesses, we know that small business is the engine room of the Australian economy. We know that people in small businesses people work damned hard to pay the bills.

Ms Collins interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Franklin will desist.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

They work damned hard to make some money in order to give their families the quality of life that they would like to have. The coalition is the best friend of Australia's small businesses. One of the things that illustrates that is that last year more than 200,000 new businesses were started up in Australia—a record level of new businesses. It is the coalition that understands the challenges that small businesses face. That is why the Prime Minister identified that we have to remove the challenges that small business was facing under the Labor Party, such as the carbon tax. We got rid of the carbon tax and all of the pain associated with the carbon tax. We got rid of the red tape. Seventeen thousand pages of red tape were abolished by this government in just the first 12 months in government, with dedicated days in this parliament to repeal red tape. Importantly, we are starting to see the benefits flow through in retail sales figures, which are up by 4.1 per cent over the year. We are starting to see a fairer deal for small business on interest rates. But there is still much more work to be done.

The federal government, in operating its own budget, is no different to small business. We have to live within our means. Under the legacy of the Labor Party, the federal government spends $100 million a day more than it collects in revenue. That is the equivalent of two new schools every day. That is the equivalent of 14 kilometres of new road. If we did not have to borrow that $100 million a day to pay for excessive spending, we could build a new teaching hospital in Australia every week. On top of that, we have to pay $40 million a day on the interest of Labor's debt. Just like any family business, the Australian government has to live within its means—and we will.