COSBOA today acknowledged the very good announcement from the Prime Minister and Treasurer around advancing tax breaks for small businesses.
Peter Strong, CEO of COSBOA, stated today ‘the economy is in a good place, but that position is of course a temporary position. Economies are always in flux and need constant attention and management. This decision sends a message to the part of the community that provides employment and self-worth to most of Australia, the small business community. This decision will increase confidence in the future for those who write business plans and invest their money in that future.”
COSBOA believes that all businesses need to have lower tax to match the tax rates of larger economies such as the USA and UK. Recently we have seen the value of the Australian dollar drop as more and more investment funds leave Australia and head to the USA. This decision will hopefully limit that draining of the corporate cash reserve.
Peter Strong added “this is a visible commitment from the government to the people that employ, and their employees, about the future. Business people will be able to purchase new equipment, which means more jobs. Employers may need to make part timers full time to meet the new business needs. Customers can have more choice. Innovation will receive an impetus. As unemployment continues to drop competition for skilled employees will increase wages.”
We look forward to the future with more confidence.”