Senator Nampijinpa Price talks to Caleb Bond, Sky News

10 June 2026

Subjects: ASIC; small business insolvencies; CGT changes; One Nation fundraising

E&OE……………

CALEB BOND:

Joining me now, Jacinta Nampijinpa Price. Welcome to the show, Senator. You've been getting fired up recently about ASIC, basically saying that the record insolvencies that we're seeing in the country at the moment are the fault of the businesses themselves, that it's got nothing to do with the government. I mean, it is so hard to do business in this country at the moment. I was reading a story last night from a cafe owner who was basically saying, with these new wage rules that have come in, I have to pay someone on a Sunday or a Public Holiday upwards of 70 bucks an hour just to clean the dishes. That's all good and well to say people deserve a pay rise. Of course they deserve a pay rise. But the person running the business is also dealing with the same increase in overheads as everyone else. I mean, at some point something has to give.

SENATOR JACINTA NAMPIJINPA PRICE:

Something does have to give. And unfortunately for many businesses, it's the businesses themselves that are giving way. I mean, since the Albanese government has come to power, since 2022, we've seen business insolvencies increase to over 45,000 businesses. I was discussing this dramatic increase with ASIC during Senate Estimates last week. What was really disappointing was the way in which they appeared — it was like a victim-blaming exercise from them, trying to suggest that it was due to cash-flow issues and poor financial management of these businesses. And then, to your point, I held a small-business roundtable here in Melbourne today. And I'm hearing it over and over again. There is absolute uncertainty, because you never know when this government is going to turn around and lie to the Australian people, to small businesses once more, and introduce yet another tax or another compliance burden that is going to impact small business in ways that they're not really sure until those changes come about, and they have to adjust to those changes. I mean, they're consistently having to readjust to compliance burdens and it is no wonder that there is now an environment where many small businesses are sitting on their hands because they do not want to invest in such uncertain times, or they are looking at taking their businesses offshore and that's not good for our economy and that is not good for jobs growth in our country either.

CALEB BOND:

What were you being told by people at this round table today? I mean, I imagine there would be small business owners haemorrhaging at the moment and saying, well, you know, I'm not sure I want to be in business anymore.

SENATOR JACINTA NAMPIJINPA PRICE:

I mean, it is the cost of everything that is going up. It is the costs of doing business. It's the cost of inflation, the increase in interest rates, the fact that there is weak demand throughout our economy. It is the fact that the cost of energy is going up, and when the cost of energy goes up, the cost of everything goes up. As I said, because of the uncertainty, because of the new rules, because of the new taxes, because many of them have to restructure their businesses now; they are having to face these CGT changes. All of those burdens on small business are creating uncertainty. Many business owners are saying, and start-ups are saying, those that have been in the game for some time now are saying, if the current environment was the way it was when they started their business, they would never have got into it. And why would anyone in their right mind want to start a new business in this current environment?

CALEB BOND:

Well, indeed. I mean, this is the question. Why would you start a new business when, I suppose, now it's effectively more cost-effective? Sorry to use the word effective twice, but to go and buy a business, because at least then your cost base will be whatever you've paid for the business and then the CGT you will pay at a later date is whatever profit you've made after that. Whereas if you start business now, you know, you will be paying above the rate of inflation and maybe up to 50%, minimum 30%. But up to 50% of the profit you've made to the government and your cost base on a new business is basically zero.

SENATOR JACINTA NAMPIJINPA PRICE:

We have seen many people who have poured every cent that they have earned back into their business to grow their business, to employ more people, to give others an opportunity. I mean, we are seeing businesses experiencing workforce shortages across the country as well. You have a look at the construction sector where they're experiencing the most insolvencies at 25 per cent, where we have a housing crisis in this country, and the government is making it even harder for our builders, our tradies, to get ahead with their businesses, to build homes. It is the reason why we, going forward, have ensured that we have committed to increasing the Instant Asset Write-Off to $50,000 and making it permanent. We also want to cut back on compliance for the construction industry, for the building sector. And right now, there is the National Construction Code, which is around 2,500 pages long. We want to cut that back to 200 pages long, which, by reducing the regulatory burden, reduces the cost of building a house by $70,000. These are the sorts of things that this government could be doing, but instead they're making it bloody harder for businesses to get ahead, for houses to be built in this country at a time when we need all of those dramatically.

CALEB BOND:

Indeed. Just very quickly, Senator, you would have seen this "fire the liar" fundraising drive that One Nation started today. You know, last we checked it was already at $1.4 million they've received. You must be disappointed that this is money people are seeing fit to give to One Nation and not to the Liberal Party.

SENATOR JACINTA NAMPIJINPA PRICE:

Oh, look, what I know is we need to get rid of Labor. We absolutely need to get rid of Labor, and I think, you know, Angus has made it very clear, as has Tony Abbott made it very clear that we have to work with One Nation because the aim in all of this is to get rid of a dreadful Labor government that is running our country into the ground and taking away aspiration and taking away a future for our children and for our grandchildren. That is the aim of the game right now.

CALEB BOND:

Indeed, Jacinta, great to see you as always.

[ENDS]