Small Business hopes for next weeks budget

by Angus Jones

In the lead up to the Federal Budget next week, MYOB has just released fresh data from over 1,000 Australian Small Businesses. Highlights include the positive impact of JobKeeper for them and suggests the economic recovery is well underway. 

The data shows small businesses are optimistic about the year ahead. Almost six in 10 SME owners expect the economy to improve in the next 12 months. 84% of businesses are either back to normal (pre-Covid) operations or confident they will soon be. 

We also know that JobKeeper was an effective interim measure, with 78% of businesses that accessed the scheme saying it allowed them to continue trading through the pandemic.

The survey also reveals almost half of SME owners believe this Budget will deliver benefits to help their business. 

The top measures Small Business want to see in the Budget are:

  • lowering of the company tax rate (34%)
  • cutting red tape (27%)
  • conversion of the instant asset write off to a permanent policy (19%)
  • policies that encourage small business superannuation contributions (18%)
  • incentives for further digitisation (15%)
  • making it easier to access government procurement (15%).

Helen Lea, MYOB CEEO, says: “Next week’s Budget is another chance for the Government to show their strong commitment to small business and give small business owners the confidence to invest and create more jobs as Australia continues its economic recovery.”

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