Michaelia Cash (WA, Liberal Party, Shadow Minister for Employment and Workplace Relations) | Hansard source

The bad news for all Australian small businesses—all 90,000 of them—when this bill, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024, goes through today, if the Greens support it, is that they are about to be whacked, courtesy of the Albanese Labor government, with $13.9 billion in regulatory costs. That's right—as if small businesses in Australia are not already doing it tough! The arrogance of this government and the contempt with which they treat small business is well and truly on display with this bill. They don't care about the fact that they are currently presiding over the highest number of business insolvencies on record. Governments like to create records, but I would have thought putting people out of business, which means putting Australians out of work, is not a record that a government should be proud of. And yet, as we stand here today, we are going to have all of about seven minutes to actually talk about how small businesses in Australia—as I said, 90,000 businesses—will be subject to a $13.9 billion regulatory cost.

Let's break that down. For a small business with a turnover of up to $2 million, if this bill passes, the Albanese government will have committed them to an additional annual cost of $33,000. That's right. If this bill passes, the Albanese government, in its arrogance, will impose on small businesses in Australia—and, as I said, there are about 90,000 of them that will come within the remit of this bill—as if they are not already doing it tough enough and as if enough of them have not already closed down, an annual additional cost of $33,000. Let's face it; who pays for these costs?

Let's just go through who is going to pay for these costs. It is the accountants who are going to be doing the tax for cafes. It's the accountants who are going to be doing the tax for bookshops. It is the mums and dads—that's right, mum and dad Australia! Welcome to the world of the Albanese government—who engage someone to help with their financial affairs. Courtesy of the Albanese government, if the Australian Greens decide to support this bill, you will be slugged with an additional cost of $33,000 per year.

Let's talk about real estate agents and the 90,000 businesses that are going to be roped into the arrogance of the Albanese government's bill. Guess what? You are also going to be slugged each year with an annual cost of $33,000. So to the real estate agents who manage your sales and manage your rentals, again, get out your chequebooks, because you will be writing a cheque to this government for $33,000 per year.

Let's talk about the country towns and the contempt that the Albanese government has for lawyers. Guess what? Lawyers are also going to be part of this tax grab by the Albanese government of $33,000 per year. They clearly haven't listened to the lawyers, the small lawyers, the country town lawyers. They run small practices in rural and regional areas. They gave very clear feedback. They can't afford it; it's as simple as that. As if at this point in time they have any spare cash! They are battling to keep their doors open. Despite all of this, Mr Albanese, in his arrogance, his contempt, in particular, for rural and regional Australia, says: 'I don't care. I will rush this bill through under a guillotine. My gift to small businesses, 90,000 of them, as we head towards Christmas is, courtesy of the Albanese government, a bill for $33,000.'

Do you know what the feedback has been from small businesses? 'If we don't have to close our doors'—and many of them have said: 'That is probably what we are going to do. If we close our doors, guess what? People lose their jobs.' They have made it very clear that they will pass on these costs to Australian families. That's right. They'll actually pass on the costs to Australian families.

Let me be clear. We're not opposed to this bill, as such, because it was actually the Howard government who introduced the anti-money-laundering and counterterrorism financing regime in Australia, but the arrogance of the Albanese Labor government to rush through as a Christmas present to around 90,000 small businesses in Australia, who are currently pleading with them: 'Get out of our lives. Stop the regulatory burden. Let us get on with doing what we want to do every single day. And that is to just wake up in the morning, go to work, open our doors, serve our communities, employ some Australians and do what governments should want businesses to do—prosper, grow and create more jobs for Australians.'

But, again, the Albanese government can say what it likes in relation to small business. They can say what they like. If this bill goes through, every small business should have their eyes wide open. The Albanese government's Christmas gift to you—this is not the coalition saying it; it is in the Albanese government's regulatory impact statement—is $13.9 billion in red tape, because, let's face it, small businesses out there love a bit more red tape from government. Small businesses, 90,000 of them, will be wrapped up in an additional $13.9 billion in red tape.

As I said, we've had it confirmed. We asked Senator Wong a question about this in the Senate: 'Can you confirm that with this bill the Albanese government is slugging small businesses in Australia, 90,000 of them, with an additional regulatory impact of about $33,000?' She said yes. Those on the other side have no shame. They have no understanding that they are presiding over a record number of insolvencies. As we've always said on this side, a business that has to close employs no-one. Merry Christmas from the Albanese government to small businesses, with $33,000 in red tape.

Debate interrupted.