Rising cost of living pressures significantly impact small businesses. Our submission focuses on key areas such as regulatory changes, payment times, energy price shocks, and more. We provide recommendations for policy and advocacy actions aimed at mitigating these challenges and directly addressing the cost of living issue crisis.
COSBOA's Key Recommendations are as follows:
This submission provides the following recommendations to address the cost of living pressures facing Australians:
Energy Price Shocks
Develop and implement a small business energy efficiency program on a 50-50 contribution basis.
Work with industry associations to promote the use of group buying programs for small businesses to negotiate better energy rates.
Develop a government-backed rent relief program for small businesses experiencing financial hardship due to high rent costs.
Encourage local governments to offer tax incentives to landlords who offer affordable rent to small businesses.
Support programs working with landlords to place creatives and microbusinesses into empty shops for reduced or no rent.
Establish a government-backed risk assessment and mitigation program for small businesses.
Invest in new and existing risk reduction initiatives to promote small business resilience.
Least Cost Routing (LCR)
Mandate the adoption of LCR by payment service providers and introduce penalties for non-compliance.
Launch a government-funded education campaign to inform small businesses about the benefits of LCR.
Introduce legislation requiring large businesses to pay small business suppliers within 14 days of receiving an invoice.
Barriers to Entry and Exit
Continue and expand funding to existing and new financial support in the form of grants, low-interest loans, and other financial assistance to new entrepreneurs.
Incorporate mentorship programs into existing and new grants where possible.
Continue to streamline the Australian Business Registry Services (ABRS).
Implement minimal, effective policy interventions through consultation with small business representative bodies.
Develop and implement a small business regulatory impact assessment process for all new regulations.
Create a small business advisory panel to consult with regulators and policymakers.
Implement a one-stop-shop online portal for small businesses to access all necessary licenses, permits, and regulatory information.
For more detail please read our full submission here.