Small Business
Background
The Leader of the Opposition raised concerns regarding business insolvencies and government policies affecting small enterprises.
Question
The member asked when the Prime Minister would cease policies that he claimed were harming small businesses, citing rising power costs, new taxes, and a credit card payment ban as factors contributing to over 50,000 business closures since the government took office.
Answer from Anthony Albanese
The Prime Minister stated that the government supports small business growth through permanent measures such as the $20,000 instant asset write-off and loss carry-back tax offsets. He noted that the number of small businesses has increased to 2.7 million, a rise of 265,000 since 2022. He cited ASIC data showing insolvency rates averaged 0.32 per cent under the current government, compared to 0.5 per cent under the Howard government. He added that new company registrations are at record highs, with an average of 900 companies created daily.
Summary in reported speech - not a transcript. AI-generated, so check the source.