Tim Wilson: Tax changes ‘damaging the future Australian economy’

Wilson, in his remarks to the room, said that the Albanese Government had launched a “direct assault” on the self-starter cohort of the Australian electorate, which he said is a cohort that the government should want to expand, and back people to get ahead.

A Coalition government, if elected, would repeal the tax changes “because it was not taken to the last election, but also because, ultimately, they’re damaging to the Australian economy, and the future Australian economy”, he said.

“It’s very clear to me that the number of people who are small business owners, or are self-employed, is going to become a larger chunk of the Australian community. It might not be in place of full-time employment; it’s likely to be in addition to it. And what we need to do is create incentives – whether you’re young or old – for Australians to back themselves to get ahead.”

The object of government, the shadow treasurer continued, should be to have the tax incentives and regulatory settings clearly focused on how it backs people to do so. “The current budget doesn’t do that,” he said.

Wilson argued that the national economic discourse has lacked a focus on how backing innovative small businesses can increase the national wealth, as well as individual wealth. The decline in the number of self-employed Australians, as has been identified by the e61 Institute, “is a disaster for our country”, given the likelihood of new businesses to look to hire, be innovative, and ultimately, be productive. Innovative, productive economies with high rates of employment need more small businesses, he said, “and the policy settings right now do the exact opposite through compliance, regulation, and restrictive industrial relations, as well as tax”.

“I think there should be a compelling argument about why regulations and rules should apply to small businesses in the first place,” the shadow treasurer argued. “Unless you’re prepared to make that case, I don’t think they should be covered.”

What Wilson wants, he concluded, is a reform program to build a future economy that Australians want to fight for, “because we’re fighting for it together”.

“Our future as a country can be bright with the role of AI in the economy, which I think has really exciting potential. But it will only work if we’re doing things together, and we’re seeking to build a better future together.”