As Australians head to the polls on Saturday, the country’s 2.6+ million small and mid-sized enterprises (SMEs) are looking to make themselves heard.
MYOB’s latest Bi-Annual Business Monitor survey has underscored this with the finding that 40 per cent of the more than 1000 SMEs surveyed would vote for sector-specific spending to support small businesses through the current economic environment.
Cashflow in particular remains a critical concern for SME owners and operators. Given the situation, the top three policies SMEs would vote for are reducing the company tax rate to 20 per cent for small businesses (stated by 66 per cent of respondents), simplifying the GST and BAS reporting process (stated by 59 per cent) and making the instant asset write-off permanent (58 per cent).
Rising utility costs are also a top concern for SMEs (shared by 35 per cent), followed by fuel prices (33 per cent), price margins and profitability (27 per cent) and interest rates (25 per cent).
“Small and mid-sized businesses together contribute more than half of Australia’s GDP. Their vital economic role ultimately thrives on stability and predictability,” said MYOB CEO Paul Robson. “A commitment to long-term, steady policies that provide the certainty needed for confident business planning and investment – which flows onto job security for millions of Australians – is what SME owners and operators are seeking this election.”
The report noted that given the huge number of Australians employed by SMEs (more than eight million according to recent statistics), measures that can support SMEs will have far-reaching effects on the national economy, as well as the everyday life of many Australians.
Robson said: “In this final week, all political parties should recognise the central role that small and mid-sized businesses play in our economy and ensure they communicate the policies that address their concerns. This isn’t just about supporting business owners – it’s about maintaining the right conditions for job creation, innovation, and economic growth that benefits all Australians.”
He concluded by saying, “This election comes at a pivotal time for the SME community and the ongoing trajectory of the economy they contribute to so considerably. The outputs of this sector are significant, and so ensuring an environment in which these owners and operators can effectively grow their business in 2025 and beyond is essential.”
