STATEMENTS BY MEMBERS

Mr LAXALE (Bennelong) (13:56): Labor's budget delivers for young people aspiring to own their first home. Labor's budget delivers for every working Australian through more tax cuts. This budget delivers $3½ billion worth of new spending to support small businesses.

Lost in the flood of an openly exaggerated meme campaign are measures in this budget which back aspiration and back economic growth. I'm here to push back against that rubbish because this budget backs small businesses to grow. This budget makes the $20,000 instant asset write-off permanent, providing certainty for small businesses to invest in growth.

This budget delivers a permanent two-year loss carry-back for all companies up to $1 billion in turnover, as well as a new loss refundability scheme for small startups in their first two years, which will help with cash flow. This budget expands tax incentives for venture capital and reforms the research and development tax incentive to target startups as they grow.

On top of that, the new $250 working Australian tax offset will benefit 1.5 million sole traders around the country. All these measures back small businesses. No AI memes, just facts.

And whilst the Liberals and One Nation will team up to defend the status quo, Labor hears you when you tell us that things need to change and change for the better.