House debates

Thursday, 19 October 2017

Constituency Statements

Economy, Business

10:21 am

Photo of Trevor EvansTrevor Evans (Brisbane, Liberal Party) Share this | | Hansard source

Australia is now into its 27th consecutive year of uninterrupted economic growth. There have been challenging times since the GFC—no doubt about that. Yet the latest economic data points to growing signs of improvement for our economy and growing confidence. The most recent data shows that our economy grew 0.8 per cent in the June quarter of this year, and, according to a recent NAB survey, business conditions have risen to their highest levels in almost a decade. Business investment is rising. On the jobs front, there's been some really good news: the fastest creation of new jobs since before the GFC and about four out of five new jobs being full-time jobs. Regarding the federal government's budget, the most recent results show an improvement of $4.4 billion, compared to the forecast in the May budget, predominantly off the back of high company receipts and lower welfare bills as a consequence of more people obtaining the dignity they want and deserve through finding work.

The rising confidence, the economic growth, the extra taxes being paid as companies return to profitability, helping to improve the budget, the new jobs being created, the fewer people on welfare—these are all results being driven, I believe, predominantly by Australia's small business sector. Why? Earlier this year the government lowered taxes for those small businesses—for the entire small-business sector right across Australia, who we believe are the backbone of the economy—and we extended the instant asset write-off to help small businesses bring forward some of their investments. When we outlined our plan to lower small-business taxes and it was opposed, we said that it should lead to more jobs and more investment. And now, since we've made those changes, the new jobs and the extra investment can be seen in the statistics and the economic results being released.

Now this government has released the latest plank of our energy plan—the National Energy Guarantee. Just as we argued that reducing small-businesses taxes should lead to more jobs, now, on energy, we're saying this should reduce wholesale electricity costs. It comes after we've made energy retailers ensure that small businesses are getting the best possible deals on their energy bills, not just being on default rates, which could be more expensive. The Energy Security Board has advised that the guarantee will lower electricity prices, compared to doing nothing and compared to schemes that involve taxes or subsidies. Small businesses need affordable power, both electricity and gas, and small businesses need reliable power. Unreliable energy undermines jobs, investment and prosperity if it means that the lights go out, the computers and the tills go dead, the production lines stop and the stoves and the coffee machines go cold.

I'm proud to be part of a government that's been getting on with the job of helping small business to build the opportunities and the prosperity that Australians need. (Time expired)