Business commends the Government’s commitment to fast-track tax cuts for businesses with a turnover up to $50 million, Business Council chief executive Jennifer Westacott said today.

“The Government’s plan to lower the tax rate five years earlier than planned for small and medium businesses will help boost the economic activity between small, medium and big business, which is worth about $500 billion a year to the economy.

“The relationship between big and small business is fundamental to driving the economy, and making one half of that equation stronger will help drive the growth Australians need to create jobs and build higher living standards.

“Our regions are crying out for the well-paid and meaningful jobs that only investment can deliver – fast-tracking tax cuts for small and medium businesses earlier will boost business confidence and help grow the economy.

“A vibrant and diverse business sector underpins Australia’s wellbeing, breathing life and jobs into towns and cities.

“I urge the Parliament to support the Government’s plan to bring the tax cuts forward to ensure Australians benefit from the boost to the economy."