My question is to the Prime Minister. Yet another Labor premier is fighting back against the Prime Minister's war on small business. Yesterday, embattled Victorian Premier Ben Carroll admitted Labor's small-business tax on trusts is 'undermining business confidence'. Why do Australians always pay the price because the Prime Minister can't ever admit he's made a mistake?

Labor has a number of initiatives that have assisted small business, whether they be in Victoria, New South Wales, Queensland or Tasmania—wherever they are—and that is why there are an extra 265,000 small businesses since we took office, bringing it to a record 2.7 million now. Business registrations each month have risen since we've been in government to be almost 35 per cent higher than they were before we came to office and 250 per cent higher than they were under the Howard government.

There are a number of initiatives we made. One of the things we did was to make the $20,000 instant asset write-off permanent, and we've made the two-year loss carry-back permanent. Interestingly, the fact is these are both Labor initiatives. Labor first introduced the instant asset write-off in 2011. Labor also introduced the loss carry-back at that time. Those measures were unwound by the former government. It has taken another Labor government to make both these tax measures permanent.