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How to resolve AdBlock issue? Small business leaders call for forum to shine light on extreme business pressures, drive action
THE Council of Small Business Organisations Australia (COSBOA) is calling for bipartisan support for a government-led post-election Small Business Forum (the Forum).
The Forum would bring together business leaders, peak bodies, politicians and small business owners from across the country in Canberra, where they can discuss and implement practical mechanisms to support Australia’s small business sector.
COSBOA CEO Luke Achterstraat said, as the election campaign draws to a close, neither major party had presented compelling policies that would help struggling small businesses weather tough economic conditions.
“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, that are up against surging rents, power and insurance costs, as well as complex workplace laws,” Mr 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.
“The Forum we are proposing 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.
“What we’re proposing is not a talkfest. Urgent action is needed. Our small businesses deserve a fair go and this Small Business Forum is a practical way to bring everyone to the table.”
Mr 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% to 20%, providing 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 dollar forfeited,” Mr 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.”
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