Australian Federal Budget 2023: Will it be what SMEs are hoping for?

Published May 09, 2023 Molly Chandran

The Federal Budget 2023 announcement is a few hours away and Employsure CEO David Price has been hoping for a government focus on growth and a budget that actually understands the needs of small and medium-sized businesses.

[1]SMEs make up 99.8% of all businesses in Australia; contributing to half of the GDP and play a crucial role in the nation’s economic success. However, the COVID-19 pandemic exposed their vulnerabilities, with limited resources and contingencies to ride out the economic turbulence and many still are left to pick up the pieces years later”.

“While the government’s efforts to tackle inflation are highly commendable, adopting a short-term approach can carry a risk by inadvertently creating structural weakness over the long term. What SMEs need now is additional support to access resources and develop their talent base; both of which will help Australia move towards sustained economic growth.”

“As a business leader, I view any investment in SMEs as a win-win opportunity that benefits both the private sector and the government. SMEs are one of the major employers in regional Australia, and their expansion and diversification can lead to increased jobs, wage growth, and market access. Moreover, a more diverse and resilient economy translates into an increased tax base and lower unemployment rates in the long run.”

“The government’s budget for 2023 should be a holistic approach that recognizes the needs of businesses nationwide. We need to recognize and acknowledge that today’s entrepreneurs are potentially tomorrow’s CEOs and business leaders. Supporting them throughout their journey is crucial for sustained economic and social prosperity,” concluded David.

[1] Contribution to Australian Business Numbers | ASBFEO

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