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Vital that government supports the sector with a range of reforms, says COSBOA.
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Small business will rely on ‘most important budget in a decade’
20 October 2022
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9 minute read
Next Tuesday’s (25 October) budget is the most important in a decade for small businesses that are looking for reforms and programs to “ensure prosperity and growth”, according to the Council of Small Business Organisations Australia.
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In its budget submission, COSBOA recommends a range of spending measures including a Cyber Wardens program as well as “revenue neutral” reforms to industrial relations and card payment systems.
It said the focus should be on support for small businesess now and assistance to develop into the future.
“Not since the global financial crisis have so many Australian small businesses depended so heavily — as they do today — on a federal budget,” said COSBOA.
“The investments in this pre-budget submission will stimulate turnover which will, in turn, deliver an increase in tax revenue to and prosperity to small businesses and the communities and families which rely on them to thrive.”
Included in its spending measures is a Cyber Wardens package that will cost $23 million over three years and have the goal of training 50,000 in-house consultants and specialists.
It recommends $8.7 million to expand the Future Female Entrepreneurs Programs as well as resources to develop a National Small Business Resilience Ready Support Package.
COSBOA also advocates extending the temporary full expensing regime for three years as well as a Small Business Commissioner as part of the Jobs and Skills Australia structure.
Among its “cost-neutral” measures are reforms to reduce credit card transaction fees for small businesses, more pathways to permanent residency, greater ACCC protections for small businesses and simplifying the better off overall test in industrial relations.
Top of the list was reducing the cost of card transactions for small businesses by mandating the ability to use a least-cost payments network, saving the sector almost $67 million a month, COSBOA said.
For migrants, easier pathways to residency should be combined with relaxing the rules that limit the hours visa holders can work each week, helping alleviate the shortage of skilled and unskilled labour.
Chief executive of COSBOA, Alexi Boyd, said the recommendations would support small businesses at a time when they needed it most for a “brighter tomorrow” where “small businesses are not the weakest link”.
“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,” said Ms Boyd.
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