Small business the big budget winners


The Abbott government’s banking on “Tony’s tradies” to fire up the economy.

Last night, their aim of their second Federal Budget clearly targeted toward helping small business.

And they hope to get a smoother post-budget ride than a year ago.

Toby Crockford reports.

TRANSCRIPT

Joe Hockey began today’s annual Post-Budget speech at the Press Club in jovial form.

Joe Hockey, Treasurer: “Thank you and thank you to your new sponsors Westpac. I notice we’ve got two new ATMs up here.”

Last night, the Treasurer revealed a clear big winner in the budget – small business.

A range of measures introduced to help them invest, grow and create new jobs.

Joe Hockey, Treasurer: “Our future growth will come from growing small business into big business.”

Or, as the Prime Minister likes to call them Tony Abbott, Prime Minister: “Tony’s Tradies”.

The Budget promised an immediate tax deduction of assets under a $20,000 threshold; to abolish FBT for work-related devices, like mobiles and laptops; and, from July 1, cutting the tax rate for businesses earning less than $2 million.

Joe Hockey, Treasurer: “It means innovation, it means jobs, it means more money to invest and grow your business.”

Parents will receive higher childcare rebates, but not until 2017, and there’s a crackdown on welfare fraud that will slash $1.5 billion from the welfare budget.

Another billion will come from changes to paid parental leave.

Multi-national corporations who avoid paying tax could have to pay double what they owe, while GST will now apply to digital on-line services like Netflix.

The Government’s slashed the six month waiting period for people under 30 who want to access welfare.

Instead, people under 25 will now only have to wait five weeks, a change costing around $2 billion.

The opposition says it’s all ‘smoke and mirrors.’

Bill Shorten, Opposition Leader: “When you look at some of the fine print of what they are proposing, they’re robbing Peter to pay Paul”

Joe Hockey says it’s about Australians having a go.

Toby Crockford, QUT News.


Posted in Business, Consumer, National, News, Politics, QUT News, Television