My question is to the Prime Minister. More than 30 small businesses have gone broke every day since Labor's budget. Today, small-business owners from across Australia have come to Canberra to plead with the Prime Minister to start listening. This morning, a small-business woman said to me, 'There is no reason to grow a business in Australia anymore.' How many more small businesses have to close for the Prime Minister to axe his taxes on capital gains trusts and negative gearing?

I thank the Leader of the Opposition for his question, and I state that, under our government, there are now an extra 265,000 more small businesses than there were when we came to office. That brings it up to a record of 2.7 million. Indeed, under our government, an average of 900 companies have been created each day, while just 30 have become insolvent. We have made the $20,000 instant asset write-off permanent. We introduced the loss carryback and made it permanent. The member raises the issue of tax changes that were in our budget. We consulted with small business. We lifted the definition from the previous $2 million to $10 million; that made an enormous difference as well, as a result of the consultation we committed to.

The other thing that we're doing, which is important, is backing Australian business with the EU free trade agreement. What that will do is open up a market of 450 million people, making an enormous difference for the goods and services that we produce and are able to export overseas to that market. What that means is, immediately, some $10 billion in trade additional, more Australian jobs and more Australian industries—from growing industries as well such as critical minerals, which will, compared with other producers of critical minerals, get access to those European markets as part of the 98 per cent of goods and services that will be completely tariff free. It will give us a competitive advantage into that growing market. We know, of course, Europe has a very large middle class. They are big consumers of products and services. It will make an enormous difference as we go forward. So I would encourage senators in particular to examine the difference that it will make across the board and to give support to that free trade agreement when it comes before the Senate.