My question is to the Minister representing the Prime Minister, Senator Wong. The Prime Minister, before the last election, said, 'Small business should be backing Labor in this campaign,' and, 'We are making sure small businesses get looked after.' Minister, the Australian Chamber of Commerce and Industry's latest survey found that the negative impact of red tape on small business has increased. There are rising costs through fees and charges, pressures on cash flows and burdensome compliance and employment costs, all placing greater pressure on businesses. Is this what the Prime Minister meant when he told small businesses that he would take care of them?

I'm very pleased to get a question from the deputy leader of the Liberal Party and the senator for higher taxes and higher deficits.

Why don't you answer the question rather than go personal, Penny?

Don't worry; I will. What I'm interested in is that that culture and that intellectual contribution to the opposition appear to be continuing under the Taylor-Hume leadership. It is very clear, with the promises that have already been made by the opposition, that the Senator Hume approach of higher taxes and larger deficits is going to continue under the Taylor opposition.

Senator Hume, on a point of order?

It's on relevance—any relevance.

Thank you, Senator Hume. I will direct the minister back to your question.

In the last financial year, we saw more than 85,000 new businesses added to the economy, almost all of which are small businesses. I'm asked about—

How many have gone under?

Senator, you asked me a question; I'm seeking to answer it. Either we can have a debate or I can answer the question. Compared to 2022, which is, I think, relevant to your question, there are over 265,000 more active small businesses today. I would make the point that we do know that the economic circumstances are difficult, that the environment for both business and wage earners is difficult and that inflation is challenging, for all the reasons that the Treasurer and the finance minister have outlined. We are seeking to do what we are able to do, including in relation to small business. In fact, in the budget, the Treasurer announced some $3.8 billion in new practical measures to assist business.

Senator Hume, first supplementary?

Last week, Labor ministers, including you, Senator Wong, had three different positions on the burden that Labor has placed on small businesses by removing the ability for them to use credit cards to pay their tax. First it was that you would consult, then it was that you couldn't direct the ATO and now you've told the ATO to delay the change. Is this why the Prime Minister believes that small business should be backing Labor?

In relation to why small businesses should be backing Labor, I want to run through a list of some of the things we've delivered. There is the $20,000 instant asset write-off, which is permanent, and the two-year loss carry back, which is now permanent. This is a measure that we introduced in 2011 and a measure that you unwound in office. Now we are making these tax measures, which benefit small business, permanent. We've introduced loss refundability for startups. There are tax cuts for about 1.5 million sole traders, including the new working Australians tax offset. We've expanded tax incentives for venture capital and are expanding CGT concessions to all 2.7 million small businesses and 98 per cent of all active businesses. We are reforming the R&D tax incentives, and we are cutting regulatory costs by over $10 billion. And, as I recall, you opposed the first tranche of— (Time expired)

Senator Hume, second supplementary?

Before the last election, the Prime Minister said, 'Small businesses are the lifeblood of the economy.' The Australian Bureau of Statistics now reports that the number of businesses closing in the economy has increased every single year under Labor. Is the Prime Minister concerned that the lifeblood is draining from our economy under your watch?

First, I again go back to the point I made, which is that we actually have more active small businesses today than we had when we were elected. I know that is an inconvenient fact for you, Senator Hume, but those are the facts. There is no doubt that we want to continue to focus on how it is that we can ensure that this important part of the economy continues to be able to operate and to thrive. You would have seen some of the measures that we have taken that I've outlined. We've also provided targeted relief in the context of the fuel supply crisis and access to mandatory standards to assess the impact of regulations on small business, so there is work being done in the context of an economy which we acknowledge is facing some challenges but primarily as a consequence of the war in the— (Time expired)