QUESTIONS WITHOUT NOTICE

Mr ALBANESE (Grayndler—Prime Minister) (14:16): I thank the Leader of the Opposition for the question. Small business is absolutely vital to the Australian economy—no question about that. We want small business to grow and to thrive and we pay tribute to those who aspire, who take risks and who invest not just in themselves and their families but in the future of the Australian economy.

That's why we've taken action to back small business. We made the $20,000 instant asset write-off permanent so small businesses can invest in the tools and the technology and the equipment that they need to grow. We legislated a permanent loss carry-back tax offset to support small businesses' cash flow and resilience.

Last week, of course, the government stepped in for the decision that was made by the ATO with regard to changes for credit card payments. We back Australia's small businesses. We value their contribution.

Indeed, under Labor, the number of small businesses since we came to office is, today, 2.7 million. That is 265,000 more than when we came to office in 2022. People talk about insolvencies.

According to ASIC data, insolvencies under this government, as a proportion of all companies, have averaged 0.32 per cent. The rate under the Howard government was 0.5 per cent. Average monthly new company registrations are higher under this government than under any government on record, and an average of 900 companies have been created each day of this government.

An honourable member: Each day? Mr ALBANESE: Each day 900—so 30 have become insolvent; 900 have been created.