Million home potential for modern SMEs
25 Oct 2022
Federal Budget commences rising tide for the nation’s small businesses.
Combining investment in a million homes with a reinforced NBN architecture will create new modern communities and future opportunities for Australia's existing and emerging SMEs, says business management platform MYOB, following tonight’s Federal Budget release.
MYOB’s chief employee experience officer, Helen Lea, said these announcements are the measures with long term potential for small business in what is a targeted budget allocation.
“The blending of these two investments could well be the gift that keeps on giving for small and family run businesses. For each new community, there will be cafes, restaurants, hairdressers, retail centres, childcare and more – as these hubs grow, small businesses will take shape alongside them.
“As well as stimulating new business growth and boosting the economy, what’s key is that businesses have the enabling infrastructure to support their survival and growth. More than ever, that infrastructure is digital – with recent MYOB research finding 28% of small business respondents are challenged in accessing a stable internet connection.
“Creating new communities with modern networking at the forefront will help the business community contribute all the more to the economic growth of the country. An additional $2.4 billion attached to the rollout of the NBN in regional and rural Australia will provide the infrastructure on which this can occur.”
Ms Lea said many of the cost of living announcements undertaken today will assist SMEs as they rise with the tide, as more money appears in the hip pockets of Australians. However, more is expected down track to support economic recovery.
“The cumulative impacts of inflation, energy and fuel costs are weighty rocks we will need to chip away at as a nation for small business. While the measures announced today address the fundamentals, we anticipate the May Budget will be the one that tackles the structural reform needed to solve these sizeable issues for Australia.”
Additional Budget measures announced to support the nation’s SMEs include:
Cost of doing business
- $62.6 million has been committed to supporting SMEs in improving energy efficiency and reduction of energy use. This will be welcome relief with the cost of utilities providing significant pressure to SMEs. In June, 35% of SME respondents reported utilities as the cause of a lot to extreme concern in the MYOB Business Monitor.
Supporting SMEs as employers
- Enhanced parental participation enabled through 4.7 billion making childcare more affordable for 1.26 million families.
- The expansion of paid parental leave to 26 weeks and assisting SMEs to implement family and domestic violence leave entitlements for employees.
Small business wellbeing
- $15.1 million to extend mental health and financial counselling programs for small business through the NewAccess for Small Business Owners and Small Business Debt Helpline programs.
- Focus on support for COVID-19 and natural disaster-impacted small businesses.
“The measured and pragmatic outcomes delivered this evening will provide ongoing support for small businesses across the country as they continue to weather a tough time. With the sector already contributing around $700 billion for the economy, support to assist further, crucial, economic contribution is welcomed.
“Getting these businesses thriving again will be encouraged by measures we know are already on course – the Technology Investment Boost and Skills and Training Boost. While the Instant Asset Write Off is a notable exclusion, the swift legislation of these Boosts would greatly assist businesses as these Budget measures set out to provide ongoing relief.”
For more information please contact:
Collette Betts, MYOB, AU Corporate Affairs Manager
Selina Ife, MYOB, AU Media Manager
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.