Opposition Leader Malcolm Turnbull has not only rejected the Federal Government’s stimulus package but has suggested that the Government pay the superannuation obligations of a range of businesses, causing outrage with Senator Nick Sherry, Minister for Superannuation and Corporate Law, believing Turnbull has not given enough thought as to how it will affect small business.
The coalition has suggested the Commonwealth pay a portion of the Superannuation Guarantee Levy on behalf of small employers over the next two years.
Turnbull believes this will “directly improve the cash position of small firms, directly reduce the costs of employment, and so directly contribute to preserving jobs.”
However, Sherry disagrees believing that Turnbull has given little thought to this proposition and how it will directly affect small businesses.
“Malcolm Turnbull is denying Australians immediate, timely and targeted action, whilst on the other hand he’s proposing to recklessly add to the budget deficit at a time when all spending needs to be focused on delivering jobs, economic activity and adding to growth.”
Small Business Minister Craig Emerson agrees.
“It is totally unclear as to how such a proposal would stimulate the economy… by contrast the Rudd Government has already acted decisively to assist small business though a multi-billion package.”
Turnbull is expected to release an alternative package next week.
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