DREAMWORLD today welcomed the joint announcement by Queensland Premier, Annastacia Palaszczuk, and State Development, Tourism and Innovation Minister Kate Jones of an extra $50 million to help support the tourism industry and, in particular, the state's iconic theme parks.

“There is no doubt the past few months have been incredibly difficult for all Australians and our industry has certainly experienced this as well," Dreamworld chief executive officer, John Osborne said.

"A cash injection of the kind described in the announcement by the Premier and Minister Jones is most welcomed and will greatly assist us as we move into the post COVID-19 environment," Mr Osborne said.

“We are pleased the government has recognised the significant role our parks play in both the tourism and local economies, and Dreamworld looks forward to working with the government to ensure our businesses recover, unite and grow stronger post COVID-19."

www.dreamworld.com.au

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EVEN BEFORE the COVID-19 pandemic, Australia’s small businesses were feeling stressed by the bushfire devastation and every day cost pressures.

Data from the Sensis Business Index, which measures small business confidence, shows a massive drop in confidence in just two weeks as the reality of Coronavirus hit Australia. Confidence fell from positive 40 on March 10 to negative 13 on March 24.

“Australia’s small businesses were feeling the squeeze before the impact of the Coronavirus hit,” said Sensis CEO John Allan. “But the massive fall in confidence in just a matter of 14 days, while not a surprise, was the fastest drop in the 25-year history of the survey."

The first survey respondents were in early March but as time progressed the stark reality of COVID-19 hit Australia’s small businesses quickly with sentiment changing mid-survey. At the start of March, 29.7 percent of SMBs had seen no impact on their business with 35.6 percent expecting to see an impact in the coming months. 

By the third week of March, 32 percent had seen a severe impact, 35 percent had seen some impact and 26 percent were expecting an impact.

“The extraordinary speed of the change in confidence is not something we’ve ever witnessed before; it was as if a speed train had hit the majority of small-medium businesses in Australia with 47 percent surveyed now worried about the future," Mr Allan said..

“Despite the realities of lockdown, more than one-third (34%) of small businesses were showing resilience and still confident about the future, suggesting they are hopeful about a quick bounce back post lockdown,” Mr Allan said.

Small businesses across the country were not confident about the economy going into lockdown: 64 percent believed the economy had contracted and 30 percent believed it had stalled; 60 percent believe the economy will be in worse shape in 12 months.

Around the country

In terms of the state and territory economies, 57 percent of SMBs believe their state economy is shrinking, and 35 percent believe it is at stand still.  South Australian SMBs were most pessimistic with 67 percent feeling the SA economy was shrinking.

“ACT small businesses were the most confident (47.3% were confident) while South Australian SMBs were the most pessimistic (52.3% not confident).”

In the March quarter nearly one-third (30%) of SMBs saw the value of their goods or services decline and 44 percent reported that the prices they pay for goods and services they use increased during the quarter.

SMB Confidence:

Survey Details:

The Sensis Business Index is based on 1,015 online interviews conducted between March 4 and 28, 2020 with small and medium business proprietors or managers employing up to 199 people. This sample is drawn from metropolitan and major non-metropolitan regions throughout Australia with targets set for location and industry on page 36. Glow is responsible for fieldwork and Dynata for sampling.

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THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has commenced a review into the effectiveness of the Australian Security Intelligence Organisation Amendment Bill 2020. The bill review was requested by the Minister for Home Affairs in a letter to the Committee available here.

The Bill amends the compulsory questioning framework in the ASIO Act by:

• enabling ASIO’s continued use of questioning warrants, but removing its ability to use questioning and detention warrants;
• replacing the existing detention framework with a more limited apprehension framework; 
• enabling the use of questioning warrants in relation to espionage, politically motivated violence (including terrorism) and acts of foreign interference; 
• providing the power for a police officer to conduct a search of a person who is apprehended in connection with a questioning warrant; and
• permitting ASIO to seek a questioning warrant in relation to minors aged 14 to 18 years old, but only where the minor is themselves the target of an ASIO investigation in relation to politically motivated violence 

The Committee requests submissions to the inquiry by Friday June 26, 2020.

Prospective submitters are advised that any submission to the Committee’s inquiry must be prepared solely for the inquiry and should not be published prior to being accepted by the Committee.

Further information about making a submission to a committee inquiry can be found at the following link.

Further information on the inquiry can be obtained from the Committee’s website.

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The Australian Taxpayers' Alliance today released a policy paper outlining five proposals for economic recovery in a post-COVID-19 Australia.

The ATA recommends:

1. Deregulation: Use cuts to red tape as a fiscal stimulus to jump-start the economy post-COVID-19.
2. Decentralisation of Power: Shrink the government back to its original size and put more power into the hands of the Australian people.
3. Taxation: Implement structural tax reform and get rid of government waste caused by inefficient and costly taxes.
4. Domestic Economy: Promote local manufacturing by making Australia globally competitive, not by instituting protectionism policies.
5. Superannuation: Keep the increased superannuation flexibility and give Australians more power over their retirement savings.

"Through this plan, we aim to identify waste so that the government can contain the deficit -- without increasing the burden on taxpayers or harming the economy," ATA policy director, Emilie Dye said.

“Policymakers can use this crisis to pinpoint weaknesses in Australia's tax and regulatory systems and then use the current momentum to push real structural reforms.

"Australian politicians have a choice: they can tax more, regulate more, and otherwise expand their powers, or they can use this disaster to restructure our tax and regulatory codes and put more power in the hands of the people.

"COVID-19 has disrupted people's lives, the economy, and government coffers in ways no one could have predicted. Policymakers have had to institute dramatic changes. But as we ease back into normalcy, we cannot become compliant,” said Ms Dye. “An overly authoritarian government and a dangerous debt still threaten the Australian public. Australian politicians need to make smart reforms now.”

[Read the full policy here]

Emilie Dye commented on each policy point: 

Deregulation: Use cuts to red tape as a fiscal stimulus to jump-start the economy post-COVID-19

“Cutting red tape can act as one of the most effective forms of fiscal stimulus. By reducing regulation, we can cut costs for both businesses and taxpayers.

“Regulation is the kryptonite of innovation. Businesses need all the strength they can get to recover from this crisis, and our government agencies need to focus all their resources on recovery.

“COVID-19 has revealed regulations Australia doesn't need, like restrictions on operating hours and redundant licenses that do not make consumers any safer. The state and territory government would be stepping backwards if they were to reinstate these archaic restrictions.”

Decentralisation of Power: Shrink the government back to its original size and put more power into the hands of the Australian people

“Australians have lost many of their fundamental rights during this crisis, and the state police departments have collected millions in fees for their governments. With on the spot fines and judge only trials, Australians have been treated like criminals who need to prove their innocence.

“We need to return to being a society that treats people as innocent until proven guilty. Australian's deserve to have their voices heard both in Parliament and in the courtroom.”

Taxation: Implement structural tax reform and get rid of government waste caused by inefficient and costly taxes

“Over the years, Australia has collected a cocktail of taxes, some of which are toxic to the economy. By cutting wasteful and inefficient taxes like the stamp duty, payroll tax, and the corporate tax, the government could spur economic growth and increase the tax take in other areas.

“To contain the debt, the government doesn't need to tax more; it needs to tax smarter.”

Domestic Economy: Promote local manufacturing by making Australia globally competitive, not by instituting protectionism policies

“COVID-19 uncovered the corpse of our manufacturing industry. Australia faced painful supply chain shortages that showed our nation's over-dependence on China.

“Instead of arguing for policies that would supposedly ‘protect’ Australian industry from foreign competition, we should make Australia globally competitive. Australian businesses don't have a fighting chance against foreign corporations, because we have handicapped ourselves with high taxes, unnecessary regulations, and inefficient bureaucracies.”

Superannuation: Keep the increased superannuation flexibility and give Australians more power over their retirement savings

“We can walk away from COVID-19 with a healthier, more resilient Australia, or the government can rigidly attempt to manage the lives and finances of every Australian. It's time we gave Australians power over and access to their own superannuation funds.

“Only individual Australians know best how to save and spend their own hard-earned money. Scott Morrison has temporarily allowed Australians to access up to $10,000 of their super tax-free. Let's make that change permanent.”

About the ATA

The Australian Taxpayers' Alliance is the nation’s largest grassroots advocacy group representing the everyday Australian taxpayer. Through our campaigns, we fight to oppose over-regulation, wasteful spending and burdensome taxes. ATA's mission is to transform our nation and build a better, freer, and more prosperous Australia.

www.taxpayers.org.au

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