Claire Clutterham (Sturt, Australian Labor Party) | Link to this | Hansard source

The recent federal budget contained many measures directed at backing small business, including the hundreds that operate across my electorate of Sturt, stimulating our local economy and providing the goods, products and services our community needs. Under this budget, small businesses will benefit from loss carry-back provisions. Eligible businesses get this offset by choosing to carry back losses to earlier years in which there were income tax liabilities. This may result in a cash refund, a reduced tax liability or a reduction of a tax debt. Small businesses will also benefit from the $20,000 instant asset write-off. Small businesses with an aggregated turnover of less than $10 million can deduct the full cost of eligible depreciating assets costing less than 20 grand that are first used or installed ready for use in an income year. This is proposed on a per-asset basis, so small businesses can instantly write off multiple assets. In addition, small businesses will continue to benefit from the existing four CGT exemptions, which have a significant impact on exit from a business. Capital gains tax on exits has been the controversy, but the exemption regime will apply to 90 per cent of Australian small businesses, so don't listen to the noise. Get the facts, because when you do you will see that this budget contains many measures that back small business.

Alex Hawke (Mitchell, Liberal Party) | Link to this | Hansard source

Labor is pushing one of the biggest tax increases in a single budget on Australians under the justification that they're somehow helping housing, but look at the numbers—$77 billion of increased revenue out of people's pockets and out of their savings and out of their investments into the government's coffers. What they're offering you as Australians is $250 back from them. That is a really insignificant amount given the $77 billion. But when you look at the housing argument—and we hear it from Labor members every single day—it also doesn't make sense. We've heard the Prime Minister now quote in this House several times the billionaire Harry Triguboff about how much he endorses the government's housing changes in an early rush of applications for new properties. He's now changed his tune today. The billionaire Harry Triguboff, whom the Prime Minister has quoted about 10 or 12 times as supportive, has now said he's worried that none of these new applicants are coming through and we could have a 40 per cent reduction in the property market. Did Labor model such a thing on stamp duties? Did they think about the tens of thousands or hundreds of thousands of people that they put onto the five per cent deposit scheme moving into negative equity? What will happen to one of these new people if they move into negative equity and they lose their jobs? What will Labor do? What will Labor do to protect them? Don't believe what Labor is spinning. Look at what they are doing. More taxes does not mean more prosperity.

Gabriel Ng (Menzies, Australian Labor Party) | Link to this | Hansard source

We've delivered a budget that backs the hard work and aspiration of everyday Australians across the country and in my community of Menzies. We're cutting income taxes, putting over $2,800 a year back in the pocket of the average worker, a new $250 tax offset and a $1,000 instant deduction—real cost-of-living relief that will help people right now. We're delivering cheaper medicines. Urgent care clinics are here to stay. We're increasing bulk-billing. There were 19 bulk-billing clinics in my electorate at the end of last year; there are now 29.

We're levelling the playing field for first home buyers so they aren't priced out by property investors. We know the status quo is broken. We don't want a generation locked out of homeownership. We want every Australian to have the opportunity to own their own home.

We're backing 2.7 million small businesses—the engine room of my electorate in suburbs like Box Hill, Blackburn, Bulleen and Doncaster—with a $20,000 instant asset write-off. And we've done it responsibly, with $64 billion in savings, debt down and a budget $264 billion stronger than we inherited.

And this morning came more good news. The Fair Work Commission handed nearly three million workers a pay rise of 4.75 per cent, with those on the minimum wage receiving an increase of six per cent. We backed a real pay rise above inflation, and it is here. We're committed to helping Australians every day and building for tomorrow.