This week the Coalition has released the small business and manufacturing policies that it will take to the election in just over two weeks.
The small business policy reaffirms the Coalition’s commitment to delaying increases to compulsory employer-funded superannuation by two years and to cut the company tax rate by 1.5% to 28.5% from 1 July 2015. This commitment forms part of a 23-point policy spearheaded by Coalition Small Business Spokesman, Bruce Billson.
The Coalition’s promise to cut $1 billion of ‘red tape’ each year is supported by the reintroduction of regulatory impact statements for all cabinet submissions. This will ensure the compliance burden on small business does not outweigh the original benefits of the policy.
The business community has praised the Coalition’s promise to conduct a ‘root and branch’ review of the competition framework, as well as the extension of unfair contract protections for small business. The policy aims to improve access to government contracts and to ensure that small business invoices are paid within 30 days.
The policy also restates the Coalition’s commitments to abolish the carbon tax, introduce the Paid Parental Leave scheme and reject Labor’s $1.8 billion fringe benefit tax policy for company cars.
Central to the Coalition’s manufacturing policy is the appointment of a Minister for Trade and Investment. The portfolio’s primary function will be to attract investment to Australia and to promote trade. The Coalition also seeks to boost manufacturing by ensuring industry and government work more closely together to form a long-term strategy for the manufacturing sector.
In further support of Australia’s struggling manufacturing sector, the Coalition has promised to award two $50 million grant funds; the first to build the export base by providing Export Market Development Grants, and the second to establish a Manufacturing Transition Fund to assist industries and communities in structural transition.
The Coalition’s small business policy can be viewed here.
The Coalition’s manufacturing policy can be viewed here.
