This is good news for many local employers - lower company tax means more investment, more jobs and higher wages.

We will introduce legislation during this session of Parliament, fast-tracking our business tax relief for local small and medium businesses.

Across the country, this will provide tax relief for more than three million businesses that employ nearly seven million Australians.

This means businesses with a turnover below $50 million will face a tax rate of just 25 per cent in 2021-22 rather than from 2026-27 as currently legislated.  Similar timing changes will apply to the roll out of the 16 per cent tax discount for unincorporated businesses.

By fast-tracking this tax relief for businesses, we will make a more immediate difference to the individual businesses and the people who work for them.

This means that a small business, such as an independent supermarket or a pub that makes $500,000 profit, will have an additional $7,500 in 2020-21 and $12,500 in 2021-22 to invest back into the business or staff, or help to manage cash flow.

This builds on the first stage of company tax relief that our government delivered in May 2017.

Our economic plan is delivering for our region, and the fast tracking of tax relief for small and medium businesses is an important investment in the future economic growth of our nation.

PBS listing for Simponi

The federal Coalition will make a medication for severe inflammatory spinal arthritis more affordable for patients when it is listed on the Pharmaceutical Benefits Scheme, saving patients more than $15,000 a year.

Almost 4,000 patients across Australia who are suffering from active non-radiographic axial spondyloarthritis will benefit when Simponi becomes available on the PBS on December 1.

Patients would have had pay over $1,300 per script will only pay a maximum of $39.50 per script, or only $6.40 if they have a concession card.

The government has also negotiated immediate compassionate for patients meaning those who need it most will have access to the medication without having to wait until it’s listed on the PBS.

The condition results in back pain, fatigue and stiffness which could lead to abnormal stiffening and immobility of the joints.

Simponi® helps reduce inflammation, swelling and joint destruction for some patients, by blocking inflammation through changes to the patient’s immune system.

The medication will be of particular benefit to patients who are no longer able to relieve the inflammation and pain using conventional non-steroidal anti-inflammatory drugs.

Non-radiographic axial spondyloarthritis may not be detectable through X-ray and because it affects young adults with symptoms that are like a sporting injury and the condition may remain un-diagnosed for many years. An MRI or blood test is often used to diagnose the condition.

This listing will save families thousands of dollars and help patients manage their condition and improve their quality of life.

The independent Pharmaceutical Benefits Advisory Committee recommended this listing.

The Committee is independent of Government by law and in practice. By law the federal government cannot list a new medicine without a positive recommendation from PBAC.

Since coming into government, the Coalition has helped improve the health of Australians by subsidising $9.7 billion worth of new medicines. This means an average of around 31 listings per month or one per day.

We are subsidising all drugs recommended by the independent medical experts.

In the Budget we announced our commitment to invest $2.4 billion on new medicines to build on our commitment to guarantee those essential services that all Australians rely on.

Our commitment to the PBS is rock solid. Together with Medicare, it is a foundation of our world-class health care system.