Not since the Global Financial crisis have so many Australian small businesses depended so heavily – as they do today – on a federal budget.
COSBOA has today submitted their pre-budget recommendations focusing on a carefully considered suite of high-return and cost-neutral budget measures.
The submission articulates what is needed now and future programs to ensure prosperity and growth for small businesses in Australia. These were accompanied by case studies illustrating the challenges faced and solutions developed by real Australian small businesses.
High-return measures recommended included:
· COSBOA Cyber Wardens Package
· Future Female Entrepreneurs Program
· Digital Co-Investment in Skills and Training
· Tax Reform
· VET and Skills
Many constraints on small business growth, innovation and viability stem from inadequate and/or inappropriate regulation. COSBOA recommends freeing up these choke points with new, improved, fit-for-purpose regulations with zero impact on the budget bottom line.
Cost-neutral measures recommended included:
· Implementing least-cost routing and payments reform to reduce transaction fees for small business
· Migration reform to recognise the value in consulting with industry associations when developing workforce strategy
· Competition reform for a level playing field and to value and protect small businesses in the community
· IR Reform to make it simpler and more accessible for small business to employ more people
The long-term health of the budget and the economy depend, in turn, on a vital, productive, innovative, growing small business sector.
Alexi Boyd, CEO of COSBOA says the recommendations will bring a brighter tomorrow for small businesses. “In that brighter tomorrow, small businesses are not the weakest link, but instead are a cyber-savvy bulwark against malicious attacks. In that tomorrow, women no longer need special programs to encourage and help them start their own businesses.
“In the tomorrow for which COSBOA strives, our nation’s small business owners are resilient, ready and supported for the challenges ahead. The taxation system has been thoroughly transformed to encourage enterprise, and level the playing field with big business. Our sector’s digital capabilities are world class and always improving. The skills of our employees and business owners are continually improving – whether home grown or through a re-invigorated immigration regime. Default least-cost routing has transformed small business cost-bases. Anti-competitive bottlenecks have been swept aside and our industrial relations system simultaneously delivers security for workers and flexibility for small business owners.
“That tomorrow is within reach,” said Boyd.
The October 2022 federal budget will be a step towards opening the doors to a new tomorrow for Australian small business.
Download COSBOA's full pre-budget submission here.