9 in 10 Australians say small business support is vital for economic prosperity, MYOB Federal Budget research shows

28 Mar 2022

Ninety per cent of Australians believe supporting small business will aid Australia’s economic prosperity and they should be prioritised in tomorrow’s Federal Budget, according to a new survey from leading business management platform MYOB.

The poll of more than 1,000 Australians commissioned by MYOB found 32% of respondents believe this year’s Federal Budget will deliver benefits for Australia’s small and medium businesses, while 94% said the Government should provide more support for SMEs compared to the top end of town. Further, 84% said the economy still needs government support to aid recovery.

MYOB Chief Employee Experience Officer, Helen Lea, said it is no surprise Australians want to see more support for SMEs in this Budget.

“The contribution the 2.4 million-strong small business community makes to Australia is well known, but the landscape for businesses in Australia is now materially and indelibly changed.

“To create an economy that is supportive of modern business practices and enables businesses to lead their own recovery, the Government needs to help SMEs access the SaaS tools they need to both scale and thrive. MYOB analysis has found improving digitisation for the one in five SMEs with little to no digital presence will lead to a 1.8 per cent increase in SME GDP – equivalent to a $10.5 billion gain for the economy

“Meaningful digitisation goes much deeper than an online presence, and yet there are many businesses out there who still need to make this initial leap. While 78% of our survey respondents said they expect to interact with small businesses via their website, our January 2022 MYOB Business Monitor data shows more than a third (37%) of SMEs don’t have an online presence.

“This highlights the importance of Government assistance to digitally upskill SMEs and achieve the nation’s goal of becoming a leading digital economy and society by 2030,” said Ms Lea.

What Australians want to see from the budget:

  • When asked which measures they would most like to see announced in this year’s Federal Budget to support small businesses, the top areas identified by respondents were tax cuts (45%), specific support for businesses affected by natural disasters (42%) and mental health support (38%).
  • When asked which is your top area of concern for the Budget, Australians said the economy (52%) followed by funding for the environment and climate change (21%), more support related to the pandemic (19%) and national security (8%).

“Tomorrow's Budget is another opportunity for the Government to reinforce its strong commitment to small business and give business owners the confidence to invest, creating more jobs as the economy continues to recover. MYOB sees a critical moment for the Government to support the industry-led creation of micro-credentials focusing on digital business management skills as key to the Government’s support of SMEs.

“In an election year, we know Australians are watching this Budget closely, with 44% of respondents telling us the Budget would impact how they vote,” said Ms Lea.

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Media contact

Sarah Green, sarah@ofcharacter.com

About MYOB

MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.