Federal Member for Bowman Henry Pike MP says the Albanese Labor Government's economic policies are placing enormous pressure on small businesses across the Redlands, with new Australian Securities and Investments Commission (ASIC) data revealing insolvencies remain at record highs across the country.
The latest figures show that more than 4,000 Australians experienced a personal business-related insolvency over the past year, while more than 14,000 companies entered insolvency.
Since Labor came to office, almost 50,000 Australian businesses have become insolvent. This equates to more than 30 Australian businesses closing their doors every day since the Albanese Government was elected.
Mr Pike said the figures reflected what he was hearing from local business owners throughout the Redlands.
"According to the ABS there are 12,896 businesses in the Redlands and every week I’m hearing feedback from local business owners telling me that they're doing it tougher than ever,” he said.
"Small businesses are being squeezed by soaring electricity prices, higher taxes, rising insurance premiums, increasing wage costs and a mountain of red tape. Many are simply struggling to keep their doors open."
"Our local cafés, retailers, tradies, manufacturers and family-run businesses are the heartbeat of the Redlands, and they deserve a government that backs them, not one that makes it harder to do business."
Mr Pike outlined the Coalition’s clear plan to restore confidence and support Australia's small businesses including axing Labor’s toxic taxes on small business, establishing a permanent $50,000 instant asset write-off for businesses with turnover under $10 million, expanding access to capital gains tax concessions, reducing unnecessary regulation and deliver cheaper, more reliable energy.
"Backing small business means backing local jobs, stronger communities and a stronger economy,’ said Mr Pike.
"Small business owners don't want handouts, they want a fair go. They want lower costs, less red tape and the confidence to invest and employ."
"I'll continue fighting for the businesses that keep our local economy moving because when Redlands businesses succeed, the entire Redlands community benefits."