The latest edition of ScotPac’s bi-annual SME Growth Index Report has revealed an increase among undecided SME owners and operators as to which political party to support ahead of an election.
As it stands, currently 21 per cent of SME leaders remain undecided ahead of the upcoming May federal election, compared to the 10 per cent that was registered in the 2022 election.
Amid this current indecision, SME leaders hope that the next elected government could bring to fruition some key policies and initiatives. In particular, 22 per cent of SMEs, equally split between those experiencing business growth and contraction, wish for the easing of labour regulations, 20 per cent, meanwhile, seek company tax cuts and lighter touch enforcement from the Australian Tax Office (ATO), and 19 per cent want no further increase in the Superannuation Guarantee, which is set to rise again on 1 July to 12 per cent of ordinary wages.
ScotPac CEO Jon Sutton commented that it was no surprise that more SMEs are torn over what to do at the ballot box than in 2022.
“Business owners have borne the brunt of inflationary pressures over the past three years, but they feel like they have been left in the political wilderness,” Sutton said. “SMEs have had to navigate the rising cost of living alongside huge increases in the cost of doing business. Wages, superannuation, insurance, and energy costs have surged at a greater rate than revenue growth for thousands of businesses.
“This combination of factors has put enormous pressure on working capital, depleted SME cash reserves and created a sense of isolation. The message from SMEs ahead of the election on May 3 is clear – if you want our support, give us the support and space we need to keep employing and servicing millions of Australians,” Sutton added.
