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What does a new government signify for small businesses?

Published May 27, 2022 - ANZ Head of Legal Services

After nine years of Coalition leadership, there is change happening at the centre with the Labor coming to power and Anthony Albanese as the new Prime Minister.

What does this change in government mean for small and medium sized business owners? What can you expect?

Key Concerns:

Labour shortage

Small to medium sized business owners have struggled over the past few years and have rising concerns that need to be addressed. The biggest concern facing business owners in Australia is the acute labour and skill shortage. The Australian Chamber of Commerce and Industry (ACCI) has made labour and skill shortage as a top five priority. Australia is facing the biggest labour and skill shortage in 48 years and unless the government makes immediate changes to current policies, this shortage will continue.

To tackle this, the Labor government has outlined reworking of the temporary visa system, better skills training, and supported the Coalition’s 2022-23 federal budget pledge to provide bonus tax rebates to small businesses investing in tech training.

Inflation

The cost of living and doing business is rising rapidly. Prices of materials are at an all-time high, further heightened by the supply chain delays faced by business owners across the world. Local retailers and manufacturers have suffered immensely due to global supply chain issues, delays, and a lack of manufacturing self-sufficiency in Australia.

While it is yet to be implemented, the Labor party has committed to a National Reconstruction Fund as a first step in building Australia’s industrial base. The $15 billion fund will provide loans and guarantee equity to projects that create regional development and well-paying jobs.

Competition

The Council of Small Business Organisations Australia (COSBOA) wants to protect small businesses from multinational companies and increase the proportion of government contracts held by SMEs.

In a bid to support SMEs, Labor has plans to incorporate a mechanism that ensures payments to SMEs are made within 30 days. They have also created a 10-point Buy Australian plan that is aimed to maximise opportunities for local and regional business owners.

While these reforms have been announced as key priorities, Employsure will be keeping a close eye on any announcements or policy updates for business owners.  

You can reach out to Employsure on our 24/7 free advice line to get your workplace related questions answered.

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