The Council of Small Business Organisations Australia (COSBOA) has sought bipartisan support for a government-led post-election Small Business Forum.
Set to be held in Canberra, the forum will bring together business leaders, peak bodies, politicians and small-business owners from across the country to discuss and implement practical mechanisms to support Australia’s small-business sector.
According to COSBOA CEO Luke Achterstraat, the forum was conceived as neither major political party presented compelling policies that would help struggling small businesses weather tough economic conditions, even as the election season draws to a close.
“Throughout this election campaign, we have seen a lot of tinkering around the edges but nothing that meaningfully changes the playing field for small businesses, which are up against surging rents, power and insurance costs, as well as complex workplace laws,” Achterstraat said. “It’s important our elected representatives hear first-hand the stories of small-business owners and the sacrifices they are making to keep their doors open, keep serving their communities and to keep their staff in jobs.”
“The mental toll on small-business owners is crushing, and it’s impacting every sector in every corner of the country,” he added. “The forum…will provide an opportunity for the small business sector to have its voice heard. It’s also a prime opportunity for business leaders, small-business stakeholders and policymakers to come together and work out tangible solutions to the significant issues our small business sector is facing.”
Achterstraat also reiterated calls for the incoming government to reduce the company tax rate for small businesses with an annual turnover of less than $20 million a year from 25 per cent to 20 per cent as a means to provide instant relief that would enable small businesses to grow, reinvest and employ more staff.
“As our economic modelling shows, if the small business company tax rate was cut to 20% immediately, it would inject $11.4 billion into the economy over the next five years, with just $800 million in foregone tax revenue. This equates to $10 of growth for every $1 forfeited,” Achterstraat said. “This doesn’t just make sense in terms of ensuring a thriving and vibrant small business sector – it also makes clear economic sense.”
Achterstraat also stressed anew the need for urgent action to address the issues facing small business. “Our small businesses deserve a fair go and this Small Business Forum is a practical way to bring everyone to the table,” he concluded.
