Michaelia Cash (WA, Liberal Party, Minister for Small and Family Business) Share this | Hansard source

I thank Senator Brockman for his question. I'm very pleased that under those of us on this side of the chamber, our government, small, family and medium-sized businesses in Australia will be paying less tax sooner, because our government is delivering on its commitment and its tax relief five years earlier than we'd planned. On this side of the chamber, we are prioritising small, family and medium businesses. Why are we doing that? Because we know—colleagues, don't we?—that these are the job-generating engines in our economy. In excess of three million small and family businesses in Australia employ more than seven million Australians, and on this side of the chamber we will do everything that we can to ensure that they have the right economic framework in place so that they can prosper and grow, because when they prosper and grow they create more jobs for all Australians.

Fast-tracking our tax relief for small, family and medium businesses is a good thing for all Australians; it's a good thing for our economy. Why? Because lower tax supports more investment, higher productivity, more jobs and higher wages. This tax relief is going to allow these businesses to reinvest back into their business. Again, when they reinvest back into their business, they prosper and they grow and they create more jobs, just like we want them to, for Australians.

What are we doing for small, family and medium-sized enterprises in Australia? The changes that we are going to introduce this week will see businesses with a turnover below $50 million face a tax rate of just 25 per cent five years earlier than we'd planned. But we can only do this because of the strong economic management brought to you by our government.