House debates

Tuesday, 31 August 2021

Questions without Notice

Morrison Government

2:22 pm

Photo of John AlexanderJohn Alexander (Bennelong, Liberal Party) Share this | | Hansard source

[by video link] My question is to the Treasurer. Will the Treasurer update the House on why Australians can trust the Morrison Government's strong economic management and its support for small businesses to help our economy bounce back from the delta strain of the COVID-19 pandemic by sticking to the national plan? Is the Treasurer aware of any alternative policies?

Photo of Josh FrydenbergJosh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | | Hansard source

I thank the member for Bennelong for his question and acknowledge his strong advocacy on behalf of business across his electorate. Indeed, more than 23,000 businesses in the electorate of Bennelong are eligible for the extended instant asset write-off. I had the pleasure of joining the member for Bennelong in his electorate not that long ago to visit a great Australian company, namely Cochlear, which is at the forefront of technological innovation.

Last year, the Australian economy faced and stared into the economic abyss. Treasury thought that unemployment could reach as high as 15 per cent and that we could see the economy contract in one quarter by more than 20 per cent. The Morrison government responded with unprecedented amounts of economic support, and we saw strong economic growth in the back half of last year and the unemployment rate fall to a 12-year low of 4.6 per cent.

But right now we have our two largest states in lockdown, and tomorrow is the national accounts. For the June quarter we have seen 29 days of lockdowns, meaning at least one part of the country was in lockdown for the period of 29 days over the course of that quarter, including five out of the eight jurisdictions. Our four largest states experienced some form of lockdown over the course of that June quarter. So no matter what the exact number is tomorrow, it doesn't change the fact today that our economy faces some significant challenges. That's why we've got to continue with the economic support, both income support and business support. That's why we have to stick to the plan agreed to at national cabinet, a plan that will see restrictions ease at 70 to 80 per cent.

If it's not enough for small business to be fighting the virus, small business is now fighting a Labor Party that is seeking to destroy one of the fundamental pillars of our tax system—namely, the protection of confidential information. The Labor Party is seeking to have the data of more than 10,000 businesses dumped in the Senate. This is what the Australian Hotels Association has said of Labor's proposal: 'It's a dangerous political stunt.' This is what the Australian Industry Group has said of Labor's proposal: 'It's a dangerous precedent.' This is what the Australian Chamber of Commerce and Industry has said of Labor's proposal: 'It's a deliberate attempt to smear.' This is what the Council of Small Business Organisations Australia has said of Labor's tactics—it's determined that it's been 'pursued for pure political gain'. While businesses were seeking the support of government in the middle of a pandemic, the Labor Party is now seeking to attack them and come after them.