COUNCIL of Small Business of Australia (COSBOA) today released its Pre Budget Submission, which outlines its recommendations to grow the Australian economy and support small businesses across the country.

COSBOA’s Pre Budget Submission focuses on tax, supporting growth and skills development; the key areas it feels that need an overhaul to help and grow small businesses.

The submission will be part of a presentation by Peter Strong in Sydney this evening at a meeting of the Paddington Branch of the Liberal Party, which is found in the Prime Minister’s seat of Wentworth.

It is the belief of COSBOA that a flexible and less complex tax system is needed and one that is not geared in the favour of big business, which in the past has seen its power and share of the market used to its own advantage.

CEO of COSBOA, Peter Strong, said: “We know that the tax system is a major point of debate and rightly so.  However, we need to make sure that the debate isn’t hijacked by ideologues to the detriment of mainstream Australia.”

In the submission, one of COSBOA’s suggestions is that that small businesses may ‘opt in’ to a system where they decline all deductions that may apply in exchange for a much lower tax rate.

Peter continues: “This is just one example that’s outlined in the report, which would provide businesses with the opportunity to have a less complex tax return. This would reduce costs and the administrative burden on the tax system and create less need to maintain records for tax purposes, which are currently a drain on the resources of small business.

“Essentially the process needs to be simplified, so that small business owners can focus on running and growing their business and their employees, not unnecessary admin. The outcome would be that the Australian economy will grow and communities will benefit from a range of independent providers,” said Mr Strong.

The report also focuses on skills development and describes the current Vocational Education and Training (VET) system as being in a crisis and not delivering quality service in many sectors.

Peter said:  “COSBOA believes in particular that much of the billions of dollars spent in the vocational training sector is wasted and wants to see funds invested into technical and ‘on the job’ training.”

In the submission it suggests how a major solution can be found, with a substantial part of VET and employment services funding directed through industry associations, who would ensure quality and relevant services and training would be delivered.

Peter concluded: “Giving small business associations greater influence over how that money is spent will create greater outcomes without an increase in expenditure.  There is money in the budget that can be better spent through small business.  We believe the ideologues should be put in a room together, the doors locked, the keys thrown away; and then we can get on with reality!”

For more information on COSBOA, visit www.cosboa.org.au.

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THE Australian Government is calling for ideas on how to streamline regulation affecting Australia’s fisheries and aquaculture sectors in submissions to a Productivity Commission inquiry.

Assistant Minister for Agriculture and Water Resources, Senator Anne Ruston, today encouraged interested stakeholders to have their say on how their industry can be better regulated.

“The Productivity Commission has today released an issues paper outlining key issues for the sector—and I certainly hope that this will stimulate further discussion with industry and any interested parties,” Minister Ruston said.

“It is a key commitment of this Government to foster a competitive, transparent and efficient business environment. 

“The inquiry is a commitment of the Agricultural Competitiveness and Developing Northern Australia White Papers, and is yet another demonstration of our commitment to boosting farm gate returns to our primary producers.

“With a gross production value of $2.6 billion, Australia’s fisheries and aquaculture industry is in good shape and continues to grow. We can leverage that growth by cutting down unnecessary and duplicative regulation.

“The goal is to look for opportunities to increase productivity by cutting unnecessary and costly regulation without compromising our high food safety and environmental standards.

“The issues paper looks at areas where opportunity exists to improve—like coordination between jurisdictions, unnecessary overlap and the resulting cumulative impact on business.

“Any business, organisation or individual with an interest in marine fisheries and aquaculture should consider providing a submission to the inquiry.”

The Productivity Commission is due to report back to government by the end of 2016, and submissions on the issues paper are due by 31 March 2016.

The issues paper and details on how to provide a submission are available on the Productivity Commission websitewww.pc.gov.au/inquiries/current/fisheries-aquaculture​.

NATIONAL resource industry employer group AMMA commends Gary Gray on his outstanding political career and his exemplary contributions to the Australian resource industry.

“Gary Gray is highly regarded among resource employers for his consultative and considered approach, particularly when serving as resources minister and special minister for state under the Rudd and Gillard governments,” says AMMA chief executive Steve Knott.
 
“His prior experience as an executive with AMMA member Woodside Petroleum ensured he approached policy decisions with a deep understanding of the industry’s vital contribution to national and state economies, and what it takes for resource organisations to remain competitive in the long term.
 
“AMMA was particularly pleased to work with Gary on various recommendations from the 2010 National Resources Sector Employment Taskforce, where he actively engaged on a range of initiatives to address the industry’s skills requirements.
 
“This included the establishment of the Australian Women in Resources Alliance, a joint industry-government funded scheme to encourage greater diversity of our workforce, and recognising the role of responsible skilled migration programs in securing long-term jobs and economic benefits for all Australians.
 
“The retirement of a federal representative with strong ties to the resource industry and extensive knowledge of the challenges and opportunities facing our sector will be missed.
 
“AMMA and its members congratulate Gary Gray on the leadership he demonstrated throughout his career and wish him well for the future.”

www.amma.org.au

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ACKNOWLEDGING the Federal Government’s Innovation Statement, the Institute of Public Accountants (IPA) is using its 2016 pre-Budget submission to encourage the Government to support innovative small to medium enterprises (SMEs).

“Australia needs sound public policy to be developed to encourage innovation amongst small to medium enterprises (SMEs)," said IPA chief executive officer, Andrew Conway.

“Around 10 percent of Australian businesses produce innovative goods and services, while between 16 and 21 percent innovate in their underlying business processes.

“Even if Australian SMEs are not the initial investors or innovators, they can still capture some of the value of innovations developed elsewhere.

“New-to-country, and particularly new-to-firm, innovations are often more economically important for improving national productivity.  Innovation policy should include measures to encourage the diffusion and uptake of existing innovations to a broad range of firms, as well as encouraging new innovations.

“Firms that can adopt continuous improvement methods to imbed incremental innovation can generate large productivity improvements.

“SMEs are an excellent starting point. Large firms often find it hard to change their business model to capture value, but SMEs can change them more easily.

“Accordingly, public innovation policy should encourage value capture and business model innovation more generally.  It is important that regulation helps firms capture value while balancing the benefits other firms receive from the wider diffusion of value.

“Talent not technology is the key.  Without addressing wider skills requirements, research indicates it is likely to create bottlenecks downstream in the innovation process.

“We believe that government plays an important role. They can provide strong research and development support, enabling better linkages between cutting edge universities and industry; provide support to firms to adapt existing technologies and innovation; and, encourage firms to develop their ability to search for new options, evaluate them and successfully implement and adapt them to their specific context,” said Mr Conway. 

For further detail refer to the IPA’s pre-Budget submission for 2016-17 on the IPA website at http://bit.ly/1PVGJX7

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies with more than 25,000 members and students in over 51 countries.  The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.  The IPA was recognised in 2012 as Australia’s most innovative accounting organisation and listed in the top 20 in the 2012 BRW Most Innovative Companies List. 

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PARLIAMENT'S Audit Committee has opened an inquiry into the reporting of major defence acquisitions, following the recent tabling of the Defence Major Projects Report (MPR)2014-15.

Committee Chair, the Hon Mr Ian Macfarlane MP, said that major Defence equipment acquisitions remain the subject of considerable parliamentary and public interest, in view of their high cost, contribution to national security and the challenges involved in completing them within budget, on time and to the required level of capability.

“This is the eighth MPR produced by the Australian National Audit Office and Defence and the Committee remains committed to seeing that, when it comes to Defence procurement, Australian tax-payers money is being spent wisely.” Mr Macfarlane said.

“The JCPAA’s on-going work has been very important in the MPR’s development.  Our efforts focus on increasing the transparency of defence procurement information, which contributes to greater efficiencies in current and future Defence acquisitions.”

Interested persons and organisations are invited to make submissions to the Committee’s inquiry by Friday, 11 March 2016.  Further information about the Committee’s inquiry, including details on how to lodge a submission, are available on the Committee’s website at: www.aph.gov.au/jcpaa.

A public hearing is scheduled for 17 March 2016.

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Around 240 Australian companies will take part in AUSBW, which will be held in America’s key commercial centres of Los Angeles, San Francisco, Chicago, Houston, Boston and New York.

“The US is the largest foreign investor in Australia and the source of much of the world’s commercial innovation and new ways of doing business,” Mr Robb said.  

“It is also the top destination for Australia’s foreign investment; since the commencement of our free trade agreement with the United States a decade ago, two-way investment has more than doubled to over $1.3 trillion.

“Through AUSBW, we are looking to reinvigorate an already strong relationship. In particular, AUSBW represents an effective platform to inspire US investors with Australia’s new $1.1 billion national innovation agenda,” he said.

In 2014-15, the US was Australia’s second largest two-way trading partner for services and third largest export market.  Australian firms exported about AU$20.5 billion in goods and services in that year.

“Australian business people from agribusiness and food science, resources and energy, medical technology, digital technology and tourism will have the opportunity of learning more about the US market, making personal contacts and informing US investors directly about the opportunities in Australia,” Mr Robb said. 

Mr Robb said his visit to the US comes just after Australia signed the Trans Pacific Partnership (TPP) agreement, a major new trade pact that will join together 12 economies representing 40 per cent of global GDP into a free trade zone across the Pacific.

“The TPP offers great benefits to the Australian economy in terms of tariff reductions and market access for services, so we are keen to see it ratified by nations such as the US, which after all is the key player in the global economy,” Mr Robb said.

AUSBW is part of the expanded series of Australia Week trade missions and promotional events that were funded in the 2015-16 Federal Budget. It will build on the success of the Australia Week events in China, India and Indonesia. 

It is also a key aspect of Australia’s economic and public diplomacy in the United States, which included the G’Day USA promotional program in 2016. 

Separate to AUSBW, Mr Robb will lead our first business mission to Havana, Cuba for discussions with local business figures and the Cuban Government about Australia’s capabilities in infrastructure, mining, energy, agriculture and education, as well as healthcare, medical research and tourism.

www.trademinister.gov.au

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THE Victorian Chamber welcomes the release of Infrastructure Victoria’s discussion paper Laying the Foundations.

“This represents a positive first step in setting Victoria’s infrastructure priorities for the next 30 years” said Victorian Chamber of Commerce and Industry Chief Executive Mark Stone.

The Victorian Chamber has been a strong supporter of the establishment of Infrastructure Victoria as an independent body to provide advice on key infrastructure priorities and projects.

“Through consultation, independent analysis and transparency, Infrastructure Victoria will play a key role in building a stronger consensus on the State’s infrastructure priorities among decision-makers, business and the wider community,” said Mr Stone.

"We welcome the fact that the consultation paper released today does not jump to conclusions. Rather, it seeks input from all parts of the Victorian community to identify the objectives that Victoria’s future infrastructure needs to address.

"This work in vital to ensuring that strategic infrastructure planning goes beyond the short-term political cycle. The Victorian Chamber looks forward to ongoing engagement with Infrastructure Victoria and the Government to define, prioritise and progress the long-term infrastructure needs of all Victorians."

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

victorianchamber.com.au

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NATIONAL resource industry employer group, AMMA, congratulates Ian Macfarlane on his outstanding 18-year career in federal politics and the enormous contribution he has made to the development of our resource industry under two governments.

“Ian’s leadership, commitment and support contributed significantly to the success of Australia’s resource industry under both the Howard and Abbott governments,” says AMMA chief executive Steve Knott.

“Ian is highly respected across our sector for the experience, leadership and passion he displayed as a cabinet minister and shadow minister.

“Throughout an extensive political career he has demonstrated a deep understanding of what it takes to support the resource industry in creating employment and economic benefits for all Australians.

“Most recently as former Minister for Industry, Ian played a key role in cutting excessive red tape, regulation and the mining tax, while introducing valuable incentives to kick-start new exploration activity.

“Similarly, as the long-standing Member for Groom, Ian has demonstrated a thorough understanding of and commitment to regional communities, and the benefits of a thriving business sector.

“AMMA thanks Ian for his career in the service of the Australian people and for being a strong and consistent advocate for a vibrant and competitive Australian resources sector. We wish him all the best for his post-parliamentary career.”

www.amma.org.au

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