Prime Minister backs Sunshine Coast small business

Local News

Prime Minister Scott Morrison has reiterated the Coalition Government’s support for small business during a recent trip to the Sunshine Coast.

The PM dropped into family-owned business Beefy’s Pies at Kunda Park which employs 160 people and has ten shops across the South East.

Member for Fairfax Ted O’Brien welcomed ‘ScoMo’, saying the Sunshine Coast was a great place for a pie and a punt on Melbourne Cup day.

Mr Morrison sampled a pie and praised the hard work of Australian small businesses.

“We’re backing small and family businesses all around the country… and that has been the theme over our last five years,” said Mr Morrison.

“As Ted has just said, those who are having a go should get a go. That’s what fairness in Australia means.

“If you have a go, you get a go and that’s what Beefy’s pies have been doing for many years now.

“They’ve been providing jobs for hundreds of Queenslanders here on the Sunshine Coast and they’ve been working hard.”

The Liberal-National Government has a range of incentives and policies to support small businesses including the recently announced $2 billion Australian Business Securitisation Fund and an Australian Business Growth Fund to provide longer term equity funding.

The Australian Business Securitisation Fund is designed to enhance access to funding for small businesses which often find it difficult to obtain finance other than on a secured basis – typically, against real estate. 

To overcome this, the Australian Business Securitisation Fund will invest up to $2 billion in the securitisation market, providing significant additional funding to smaller banks and non-bank lenders to on-lend to small businesses on more competitive terms.

Last month, the Coalition also announced it was bringing forward by five years, tax cuts for businesses with a turnover of less than $50 million, which means dropping to a 25 per cent tax rate.

Meanwhile, small businesses on the Sunshine Coast are continuing to benefit from additional opportunities to invest in their business and replace or upgrade assets, with legislation to extend the $20,000 instant asset write-off passing Parliament in October.

The legislation delivers on the Coalition Government’s 2018-19 Budget announcement to extend the $20,000 instant asset write-off for a further 12 months to 30 June 2019.

“Whether you’re a gardener purchasing a ride-on lawn mower, a café owner purchasing an industrial dishwasher or a courier purchasing a vehicle, I encourage small businesses on the Coast to take advantage of the $20,000 instant asset write-off – if they’re not already,” Ted O’Brien MP said.

“By growing the ability of the region’s small businesses to invest, we grow their ability to employ more Sunshine Coast locals.”

In the 2015-16 Budget, the Coalition Government increased the immediate deductibility threshold from $1,000 to $20,000 and has maintained that increase in support of small and family businesses.

Backing small business – the engine room of our economy – is part of the Coalition Government’s plan for a stronger economy and more jobs.

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