Small Business Minister, Senator Nick Sherry, says Australias ranking as one of the best places in the world to start a small business will be enhanced by the Gillard Governments raft of regulatory reforms.

According to a new report by the World Bank and the International Finance Corporation, Australia is in the top 10 of 183 economies on starting a business, getting credit and ease of doing business.

Welcoming the report today, Senator Sherry, said Australias ranking as the second best place in the world to start a business was particularly pleasing.

This Government appreciates that Small and Medium Sized Enterprises (SMEs) are the life-blood of the recovering Australian economy and this report shows Australia is a great place to start and carry on a business, Senator Sherry said.

Australia also ranked well in terms of getting credit (sixth) and came in 10th in the overall ease of doing business ranking.

Of course, there is always more to be done and the Governments ongoing reform agenda is taking the lead to making life even easier for SMEs, Senator Sherry said.

We are actively identifying and reducing unnecessary red tape and regulation that strangles the very enthusiasm, flexibility and vitality of SMEs.

Key initiatives to assist small businesses include:

• Lowering the company tax rate to 29 per cent from 1 July 2012 for incorporated small businesses a year before this rate comes into effect for larger companies.
• Removing inconsistent and unnecessary regulation across 27 areas of business regulation through COAGs National Partnership to Deliver a Seamless National Economy.
• Giving small businesses an instant write-off of assets valued up to $5,000 to boost cash flow and remove the need to apply different depreciation schedules.
• Introduction of the Small Business Assistance Program to provide expert one-on-one assistance.
• Introduction of a free Superannuation Clearing House facility from 1 July 2010 to assist employers manage obligations to provide superannuation choice to employees.
• And the establishment of the Small Business Support Line to provide a free one-stop-shop where small business can get in touch with specialist advisers.

All these reforms highlight the importance and value the Government places on the Australian small business sector, Senator Sherry said.

They will yield real long-term benefits for the economy, removing the burden of red tape off the back of business, driving productivity and creating jobs.

The World Bank/IFC report follows recent recognition of the Gillard Government by the OECD as a world leader in this important area of regulatory reform.

For more information on report visit www.doingbusiness.org

Media contact: Joe Scavo 0413 800 757