Bill Shorten is "not just anti-big business, he is anti-business". That is how Cowper MP Luke Hartsuyker has described the Labor leader.
If comes as Mr Hartsuyker believes that many Mid North Coast businesses and jobs would be badly hit by the Labor leader’s “Captain’s pick” decision today to end tax relief for companies with a turnover between $10 million and $50 million.
It is understood that Bill Shorten made the shock announcement without consulting his caucus.
Mr Hartsuyker said there are 20,000 businesses across Australia with a turnover of between $10 and $50 million, employing an average of 75 workers.
Many of those businesses and jobs would be on the Mid North Coast.
“The Coalition’s tax cut for small businesses, along with the instant asset write-off of up to $20,000, was very warmly welcomed by small business, which is the heart and soul of the Australian and local economy”, Mr Hartsuyker said.
“It is extraordinary to think they would go under a Shorten-led Labor government", he said.
“Where on earth does he think jobs come from?” Mr Hartsuyker said.
In the financial year drawing to a close, companies with a turnover of $25 million or less had their tax rate cut from 30% to 27.5%.
This will be extended to companies with a turnover of $50 million from July 1.
The cuts are part of the Coalition’s plan to reduce all company tax rates to 25% over a decade to keep Australian businesses profitable at home and competitive internationally so they can invest more, and create more jobs.