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Foreign Affairs Minister Julie Bishop has told a gathering in Batemans Bay of the Coalition's support for small business and its intention to rein in the finance and banking sectors.
Speaking at a breakfast meeting on April 21, the deputy Liberal leader hit the Gilmore campaign trail on behalf of embattled MP Ann Sudmalis.
She said small business was at the heart of the Australian economy and a Coalition Government would act to curb “inappropriate” and “unlawful” practices in the financial advice and banking industries.
“One of the most important pillars of the Australian economy is small business,” Ms Bishop said.
“It is at the heart of the Australian economy.
“There are two million small businesses in Australian and that represents 97 per cent of all businesses. Almost five million people are employed in small businesses. It equates to about 33 per cent of our economy, but $340 billion each year is generated by small business – and 690, 000 small business are operated by women.”
Ms Bishop said the Coalition sought to ensure small business could flourish and “meet the challenges of the 21st Century.
“This is a time of great change, great disruption and we have to innovative to respond to the changes.”
She said the advent of online retailing, Uber and AirBnB were “completely different business models which are affecting the way small business operates”.
“We want to ensure small business has the opportunity to take the risks, to access the capital needed to grow, to employ people, to generate income for yourselves, your families, for others,” she said..
Ms Bishop acknowledged “misconduct” amongst larger financial players.
“There has been misconduct in the financial services industry and the banking industry, so we are beefing up the powers of ASIC (the Australian Securities and Investment Commission), resourcing ASIC, to ensure that we can take action against those who are not acting in the interests of those using banking and financial services,” she said.
“That particularly hits individuals and small businesses hard, so we are standing up for the interests of small business against the banking and financial sector when there is inappropriate or unlawful behaviour.”
Ms Bishop said the coming double dissolution election in July was the only way to control “corruption” in the building and construction industry, via the Coalition’s bid for the Australian Building and Construction Commission.
“The construction industry employs about a million people across Australia,” she said.
“Two thirds of them are in small businesses and yet the lawlessness, the corruption, the bullying, the intimidation that goes on on construction sites across Australia is causing huge delays in work, increased costs and buildings … are costing a lot more than they should.
“That is impacting on businesses, particularly small businesses and jobs, so we need a strong watchdog, a strong regulator, so the interests of small businesses on construction sites can be protected.”
Ms Bishop said the Coalition was also protecting the interests of “mum and dad” trucking operators by killing the “bogus” Road Safety Tribunal.