Thanks, Deputy President, for the opportunity to contribute to this debate. Things are really tough for a lot of small-business owners in Australia right now indeed, for many Australians. We know there are significant pressures when it comes to the cost of living, and we know there are substantial challenges we face when it comes to inflation and the broader conditions within the Australian economy. We understand that, and we acknowledge that. No-one is shying away from the effort and the work required to address that, to help people.
I have been incredibly proud, over the past five or so years, to watch one of my siblings, my younger brother, establish a small business. I watched as, during COVID, he went through really, really difficult times and lost his business, in the first instance. I've been there and watched as he's tried to build something back and create something that he can be proud of and that we are all proud of. I've also seen how hard that is for him the toll it takes on him. He puts every hour every moment into his business. I miss a lot of family functions, but my brother misses more because of the hours he needs to do and the work he needs to do in growing his business and making sure it thrives. I have seen those pressures firsthand as many of us in this chamber have on the people in our lives that we love and know, and on the businesses we frequent and service, and on the businesses in our communities which keep our economy moving and going. We see how difficult and challenging it is.
It doesn't serve any of the people in our community running these businesses to engage in the kind of hyperbole that we've seen in the chamber today, or to make the kinds of sweeping statements which say: 'The government is coming after you.' Those statements aren't designed to serve or help the people working their butts off to run these small businesses in Australia; they're designed to make them feel fearful and scared and less hopeful for the future. And that's just not the kind of politics I want to engage in.
It is reasonable, as a government, to actually lay down the facts about what we are trying to do to help small businesses in our country. Speaking about the facts speaking about the policies in place and the things we are doing is actually a useful thing to do for those businesses, because maybe they don't know every support which is available or how to access them. It's important that they know that the government is backing them in and that we see how hard they work, we understand the critical role that they play in our economy and we understand that they're trying to create and build a legacy and build something which makes a contribution to our communities and to our economies. So I will proudly talk about what our government is doing to support small business, because it is significant.
That's not to say that there's not more work to do or more things to do. We acknowledge it is really tough out there. It is really tough out there not just for these business owners, but also for the people working for them. It's tough right across our community. To minimise or simplify the challenges that are facing us in our economy is actually doing a complete disservice to those Australians living through this and trying to get by.
In the budget, the Treasurer announced more than $3.8 billion in new practical measures, which are all about trying to ensure that businesses not only survive in this economic climate but thrive things like the permanent $20,000 instant asset write-off and our investments to make the two-year loss carry-back permanent, even though this was something which was unwound by the coalition during their time in office. We've introduced loss refundability for startups. We've introduced tax cuts, including the new $250 working Australians tax offset, for around 1.5 million sole traders in our economy. We've expanded tax incentives for venture capital. We've expanded CGT concessions to all 2.7 million active small businesses. And, as a result, we're seeing more small businesses operate in Australia and start to flourish too.
These are important investments which make a real difference to those businesses doing an incredible service in our economy and making a really significant contribution. I'm proud of the investments, but I also acknowledge that, for those businesses.
