Jerome Laxale (Bennelong, Australian Labor Party) Share this | Link to this | Hansard source

Before I became a member in this place, I ran a small family owned business, the one that my father started way back in 1987 out of the back of a van. He worked hard to build it up. It paid for my education, it paid for my upbringing and it has employed scores of people over the years. My entire life has been involved in and around small business. I get small business, and I get small-business owners. They are my people. I know the challenges they face but also know how important they are to our communities. They employ locals, they give our town centres vibrancy and they help grow our economy.

In my time as a councillor, mayor and now MP, I can say that I've always stood up for small business. It makes me very happy to be part of a government that sees as much potential in small business as I do. So I thought I'd use this time to highlight what the government has done to help small businesses, in Bennelong, in both budgets we've handed down. After 10 years of energy policy chaos from those opposite, we know that small businesses are bearing the brunt of high energy prices. Australians elected us to fix that mess of the former government and we're doing just that.

In the latest budget we tackled energy prices head on. Firstly, there's direct relief to small businesses and a partnership with the Minns Labor government to deliver an automatic annual $650 reduction in small-business electricity bills. We're also helping small businesses invest in renewables, because we know that the sun doesn't send an electricity bill. The Small Business Energy Incentive will give up to 3.8 million small and medium-sized businesses with less than $50 million in annual turnover an additional 20 per cent deduction on spending that supports electrification and more efficient use of energy. It will help small businesses make investments, like electrifying their heating and cooling systems, upgrading to more energy efficient fridges and induction cooktops, and installing batteries and heat pumps, which will help drive down power prices while also driving down emissions.

We've also introduced similar tax incentives to encourage small businesses to invest in IT and upskill their employees. There has been $1.5 billion set aside to provide that extra 20 per cent tax deduction for businesses who invest in IT and also depreciating assets, such as portable payment devices, cybersecurity systems or subscriptions to cloud based services. Similarly, 20 per cent extra will be able to be deducted for small businesses who upskill their staff. Expenditure that is incurred for the provision of training courses will be able to receive that bonus deduction.

We know on this side of the House that when small businesses succeed Australia succeeds. Through targeted investment, responsible investment and sustainable policy, we're ensuring that small businesses in Bennelong and across the country remain a major part of our economic growth.