Budget 2022 – What needs to change

A Small Business Perspective

At the time of writing, the Federal Government is preparing to release it’s 2022-23 Budget. Being an election year, we can expect that there is going to be a lot of short-term support to give voters a ‘sugar-hit’ either via tax cuts or offsets. This is understandable in a post pandemic world.

However, what is necessary as we try to move towards a post-pandemic world is greater support for small businesses. This can be done in a myriad of ways and doesn’t need to be just an injection of cash or grants. Support can include reducing regulatory red tape and increasing access to labour.

A great example of this can be seen by the Tasmanian Government. They have provided their small businesses with access to a business adviser by issuing vouchers between $750 and $1,500 to use with a qualified specialist. There is no reason why this couldn’t be rolled out nationally.

Another way small businesses can be supported is by taking further advantage of innovative technology. The digital transformation of small businesses in Australia needs greater adoption and is lacking compared to our Asia-Pacific neighbours. Without serious investment in helping businesses make this change, we risk being left behind.

An example of how governments may provide technological support is seen in Victoria. The Victorian Government has offered $1,200 rebates to assist small businesses acquire a range of technologies.

These kinds of initiatives at state-level can support businesses and empower them to be able to do what they do best. If done the right way, everyone will reap the benefits. From governments to employers managing to keep their business afloat, to employees whose jobs do not become redundant, the benefits will be recognised by all.

Should your business be requiring business advisory services, from budgeting and forecasting to a development strategy, please contact the WSC Group team on 1300 365 125 or info@wscgroup.com.au .