Rio Tinto takes hit as Trump trade war casts cloud over miners
'We have a much more profitable aluminium and copper business,' he said.
Under Stausholm's leadership, Rio Tinto has been pushing harder to diversify away from iron ore and into other commodities that stand to benefit from growing global efforts to tackle global warming, such as electric battery raw material lithium, and copper, a key ingredient in electric wiring.
While Rio Tinto's dividend and underlying earnings missed consensus expectations, analysts at RBC Capital Markets said sentiment on the result would be positive.
'Rio Tinto produced a good set of operational results across key divisions,' analysts Kaan Peker and Ben Davis said.
Rio Tinto shareholders will receive a dividend of $US1.48 a share, down from $US1.77 a share at the same time last year, the company said on Wednesday.
Trott, a 25-year veteran at the miner, will take the helm as chief executive from August 25.
It has been almost a decade since Rio Tinto had an Australian-born boss after former chief executive Sam Walsh stepped down in 2016.
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Trott has run Rio Tinto's critical iron ore operations in the Pilbara since 2021 and spent much of his career working at the company in senior roles including stints in Singapore, London and Hong Kong.
The executive grew up in a small town of fewer than 400 people in Western Australia's wheat belt called Wikepin and has risen swiftly to the top of Rio Tinto, becoming chief executive aged 50.
Trott will be paid a base salary of $2,747,590, along with further incentives and a company pension worth 14 per cent of his earnings.
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The Advertiser
an hour ago
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"We have a real premium plan to expand the product growth and the offering we have … within that, is the Honda 0 Series … we are intending to bring that to market." CarExpert can save you thousands on a new car. Click here to get a great deal. It's a reverse of the previous stance from Honda Australia, which told CarExpert earlier this year it had no plans to bring 0 Series models here. Both Mr Thorp and Honda Australia CEO Jay Joseph started their current leadership roles on April 1, 2025. The 0 Series was first shown in a computer-animated digital concept form in 2024 – with sedan and people mover models previewed – before physical concept cars were revealed at the Consumer Electronics Show (CES) in Las Vegas, United States (US), in January. The two CES cars showed a 0 Series sedan alongside a "near production" 0 Series SUV, both due on sale in the US and Europe in 2026. When asked by CarExpert which of the 0 Series Honda Australia intends to offer here, Mr Thorp replied: "At the moment, we are looking at all of them – we haven't been able to lock in or confirm anything yet, but we want them all." "We want them all because it's going to be – they are going to be – the best of breed within the global Honda portfolio." "Timing and availability of the [0 Series] product is not yet confirmed, and we're working our way through that, but it is basically an innovation of technology all centred around a theme-like design concept and iconic nameplates." "The [0 Series] brand is going to sit within the Honda portfolio and those are the vehicles we intend to bring to market." While full details are yet to be released, Honda has confirmed the 0 Series will debut a new 'ASIMO' (Advanced Step in Innovative Mobility) software. It will also use artificial intelligence (AI) and LiDAR-based systems for advanced driver assist systems, which will include Level 3 semi-autonomous technology. Level 3 is not yet able to be used on Australian roads, with Tesla officially confirming testing its Full Self-Driving (FSD), a Level 2 system, on Australian roads earlier this year. Honda doesn't currently offer an EV in Australia, with the company instead focusing on expanding its hybrid lineup here. This hybrid expansion will continue, with the return of the Honda Prelude next year after a 25-year absence. Mr Thorp told media the local lineup will be 80 per cent hybrid once the Prelude arrives in mid-2026. While no Honda EVs have been introduced here yet, the Japanese brand has an array of different EVs for different markets. These include the Afeela 1 electric sedan (pictured, above) developed with Sony as a low-volume, luxury flagship, while it also showed the city-sized Super EV Concept at the 2025 Goodwood Festival of Speed in July. Others include the Prologue for North America, based on a General Motors platform; the e:N1/e:Ny1 small SUV offered in markets like Europe and New Zealand; and kei cars for Japan like the N-Van e. Yet while the local arm is set to add EVs, the company recently pulled back from its 2030 target for 30 per cent of global sales to be EVs. It also cut 30 per cent off its previous 10 trillion yen ($103.1 billion) budget for EV development, focusing on hybrid powertrain technology instead. MORE: Everything Honda MORE: Honda's future EVs could be tuned to feel like an S2000 or NSX Content originally sourced from: Honda Australiahas confirmed plans to bring the futuristic 0 Series electric vehicle (EV) lineup to Australian showrooms, which will follow the launch of the brand's first EV Down Under in the second half of 2026. Speaking to media in Melbourne, including CarExpert, Honda Australia managing director Rob Thorp said the 0 Series EV range was being looked at among plans to launch its first EV in local showrooms. "Beyond 2026 and into 2027 … New products, new nameplates, new segments are what we'll be looking to [for sales growth]," said Mr Thorp. "We have a real premium plan to expand the product growth and the offering we have … within that, is the Honda 0 Series … we are intending to bring that to market." CarExpert can save you thousands on a new car. Click here to get a great deal. It's a reverse of the previous stance from Honda Australia, which told CarExpert earlier this year it had no plans to bring 0 Series models here. Both Mr Thorp and Honda Australia CEO Jay Joseph started their current leadership roles on April 1, 2025. The 0 Series was first shown in a computer-animated digital concept form in 2024 – with sedan and people mover models previewed – before physical concept cars were revealed at the Consumer Electronics Show (CES) in Las Vegas, United States (US), in January. The two CES cars showed a 0 Series sedan alongside a "near production" 0 Series SUV, both due on sale in the US and Europe in 2026. When asked by CarExpert which of the 0 Series Honda Australia intends to offer here, Mr Thorp replied: "At the moment, we are looking at all of them – we haven't been able to lock in or confirm anything yet, but we want them all." "We want them all because it's going to be – they are going to be – the best of breed within the global Honda portfolio." "Timing and availability of the [0 Series] product is not yet confirmed, and we're working our way through that, but it is basically an innovation of technology all centred around a theme-like design concept and iconic nameplates." "The [0 Series] brand is going to sit within the Honda portfolio and those are the vehicles we intend to bring to market." While full details are yet to be released, Honda has confirmed the 0 Series will debut a new 'ASIMO' (Advanced Step in Innovative Mobility) software. It will also use artificial intelligence (AI) and LiDAR-based systems for advanced driver assist systems, which will include Level 3 semi-autonomous technology. Level 3 is not yet able to be used on Australian roads, with Tesla officially confirming testing its Full Self-Driving (FSD), a Level 2 system, on Australian roads earlier this year. Honda doesn't currently offer an EV in Australia, with the company instead focusing on expanding its hybrid lineup here. This hybrid expansion will continue, with the return of the Honda Prelude next year after a 25-year absence. Mr Thorp told media the local lineup will be 80 per cent hybrid once the Prelude arrives in mid-2026. While no Honda EVs have been introduced here yet, the Japanese brand has an array of different EVs for different markets. These include the Afeela 1 electric sedan (pictured, above) developed with Sony as a low-volume, luxury flagship, while it also showed the city-sized Super EV Concept at the 2025 Goodwood Festival of Speed in July. Others include the Prologue for North America, based on a General Motors platform; the e:N1/e:Ny1 small SUV offered in markets like Europe and New Zealand; and kei cars for Japan like the N-Van e. Yet while the local arm is set to add EVs, the company recently pulled back from its 2030 target for 30 per cent of global sales to be EVs. It also cut 30 per cent off its previous 10 trillion yen ($103.1 billion) budget for EV development, focusing on hybrid powertrain technology instead. MORE: Everything Honda MORE: Honda's future EVs could be tuned to feel like an S2000 or NSX Content originally sourced from:
The Advertiser
an hour ago
- The Advertiser
Even if these aren't new ideas, we have a chance to shift the conversation
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Like so many bigger ideas, it is not uncontested. Where do the benefits and costs land? What are the trade-offs? Which businesses are driving prosperity gains and are most helping budget repair? What of the three in five small businesses that are not companies? You get the idea. Cautious optimism was very much the vibe at the recent small business roundtable I attended, along with other willing contributors assembled by Small Business Minister Anne Aly and Treasury. It was one of the numerous lead-up roundtables before the big event. The small-business champions, professional bodies, industry associations and financial and digital service providers all contributed meaningfully and constructively. Many of the well-argued ideas for reform were not new, but definitely warranted reiteration and reinforcement. Beyond sharing many great ideas, those gathered were keen to know about the government's economic reform ambition and appetite, and who the ball-carriers are who will ensure that constructive and considered input is embraced. This is particularly important for positive small business policy action. So many of the impacts and incentives guiding enterprising women and men's decision-making are (sadly) not directly the responsibility of the Minister for Small Business. Pleasingly for many of the roundtable participants, Minister Aly's opening remarks were strong, energetic and encouraging. The minister clearly appreciates that positive change for the small business community requires a whole-of-government effort. And whole-of-government support for small businesses is justified and necessary given the sector's vital contribution to Australia's economic wellbeing. Making up almost 98 per cent of Australian businesses, small enterprises generate about one-third of our GDP, which is nearly $600 billion in annual economic activity. Our smaller firms employ more than 5.1 million people, or two in five of the private sector workforce. While this current contribution is impressive and compelling, the small business share of overall economic activity and workforce opportunities has been in decline, like in other developed economies. Arresting this decline is an excellent and meaningful initial benchmark for reform success. To improve Australia's productivity, economic resilience and budget sustainability, we need to go beyond halting this decline. Turning it around will require improving operating conditions, encouraging entrepreneurship and nurturing an environment more conducive to small business success. This objective is why I have been banging on about the Australian Small Business and Family Enterprise Ombudsman's 14 steps to energise enterprise since August last year. These 14 steps are practical, readily implementable and action-driven. Pleasingly, many of these 14 steps are reflected in submissions and public statements about where the focus of the Economic Reform Roundtable should be and what practical commitments should emerge. Even if some of these ideas are not new, a Roundtable commitment to act will shift the conversation. Reform ideas will have landed, gained traction and political buy-in. Advocates can progress conversations from a how-'bout-this pitching of reform propositions to a how's-it-going inquiry about genuine progress. And that has to be positive and momentum-building. There are many calls for better incentives for small businesses to form, invest, take risks, survive and thrive. Discounting small business company tax paid in the first three years will help new firms get through the early years' "cashflow value of death". This will support reinvestment into a more robust foundation and help reduce the rate and cost of the reported 50 per cent small business failure rate within the first three years of operation. A more generous and durable instant asset write-off provision will support vital capital deepening and capability-building in smaller firms. A restoration of tax incentives to encourage investment in digitisation, AI and technology uptake, energy efficiency and electrification, will boost productivity, support innovation and competitiveness, and enhance resilience and market access. Australian small businesses are falling behind their Asia-Pacific counterparts in the adoption of digital technologies. Investing in targeted support and education for small businesses to adopt digital technologies in their businesses can increase productivity by streamlining processes, building resilience to economic shocks, mitigating the risks of cybersecurity threats, supporting innovation and growth, and enhancing competitiveness with larger firms. Small businesses are not shrink-wrapped versions of big corporations. Right-sizing has to be the imperative in a renewed commitment to lift the regulatory burden and compliance costs imposed on small businesses. A genuinely risk-based, small-business-first approach and robust impact evaluation framework that genuinely considers non-regulatory options is needed. Including a mandatory small business impact section in all Cabinet submissions and adding small business engagement and support criteria to the regulatory agency performance assessment framework will enhance both thoughtfulness toward smaller respondents and accountability. Implementing digital reforms, which will encourage the adoption of business-ready new tech and AI, offers the promise of streamlining the business of running the business. Digital compliance and reporting systems that work in harmony with the natural business systems currently used by small businesses can ease the regulatory burdens. Regulators can really help by being very discerning about what they are asking small businesses, and in supporting small firms understand and meet what is being imposed. Synchronising and harmonising the ask of small businesses across various regulators and levels of government, and a tell-us-once ethos, shouldn't be too much of an ask. The United Nations reminds us that small and medium enterprises as the "frontline drivers of innovation, inclusion, and resilience". Small and family businesses need to be front of mind for our policymakers, especially as we head into the economic roundtable. When thinking about how best to drive the economic resilience and productivity improvements, energising enterprise through small businesses is a great starting point. The Treasurer has released the agenda for the much-vaunted three-day Economic Reform Roundtable he is hosting in just a few short days (August 19 to 21), and there is feverish activity on many fronts in the lead-up. Submissions aplenty and roundtables hosted by Ministers to capture input from those not in the impressive core group of 23 attendees that will participate in all sessions over the three days. The public release of some submissions has helped generate lead-up discussion. Possibilities are being canvassed, and the government's appetite for decisiveness and boldness is being probed. This, in turn, has generated hope, interest and some debate. The Productivity Commission's proposal to lower the company tax rate for SMEs is an example of quality thought-leadership. It aims to boost entrepreneurship, investment and competitiveness and would be funded by tax changes for the big end of town. It is an example of bold, multidimensional and transformative reform we need. Like so many bigger ideas, it is not uncontested. Where do the benefits and costs land? What are the trade-offs? Which businesses are driving prosperity gains and are most helping budget repair? What of the three in five small businesses that are not companies? You get the idea. Cautious optimism was very much the vibe at the recent small business roundtable I attended, along with other willing contributors assembled by Small Business Minister Anne Aly and Treasury. It was one of the numerous lead-up roundtables before the big event. The small-business champions, professional bodies, industry associations and financial and digital service providers all contributed meaningfully and constructively. Many of the well-argued ideas for reform were not new, but definitely warranted reiteration and reinforcement. Beyond sharing many great ideas, those gathered were keen to know about the government's economic reform ambition and appetite, and who the ball-carriers are who will ensure that constructive and considered input is embraced. This is particularly important for positive small business policy action. So many of the impacts and incentives guiding enterprising women and men's decision-making are (sadly) not directly the responsibility of the Minister for Small Business. Pleasingly for many of the roundtable participants, Minister Aly's opening remarks were strong, energetic and encouraging. The minister clearly appreciates that positive change for the small business community requires a whole-of-government effort. And whole-of-government support for small businesses is justified and necessary given the sector's vital contribution to Australia's economic wellbeing. Making up almost 98 per cent of Australian businesses, small enterprises generate about one-third of our GDP, which is nearly $600 billion in annual economic activity. Our smaller firms employ more than 5.1 million people, or two in five of the private sector workforce. While this current contribution is impressive and compelling, the small business share of overall economic activity and workforce opportunities has been in decline, like in other developed economies. Arresting this decline is an excellent and meaningful initial benchmark for reform success. To improve Australia's productivity, economic resilience and budget sustainability, we need to go beyond halting this decline. Turning it around will require improving operating conditions, encouraging entrepreneurship and nurturing an environment more conducive to small business success. This objective is why I have been banging on about the Australian Small Business and Family Enterprise Ombudsman's 14 steps to energise enterprise since August last year. These 14 steps are practical, readily implementable and action-driven. Pleasingly, many of these 14 steps are reflected in submissions and public statements about where the focus of the Economic Reform Roundtable should be and what practical commitments should emerge. Even if some of these ideas are not new, a Roundtable commitment to act will shift the conversation. Reform ideas will have landed, gained traction and political buy-in. Advocates can progress conversations from a how-'bout-this pitching of reform propositions to a how's-it-going inquiry about genuine progress. And that has to be positive and momentum-building. There are many calls for better incentives for small businesses to form, invest, take risks, survive and thrive. Discounting small business company tax paid in the first three years will help new firms get through the early years' "cashflow value of death". This will support reinvestment into a more robust foundation and help reduce the rate and cost of the reported 50 per cent small business failure rate within the first three years of operation. A more generous and durable instant asset write-off provision will support vital capital deepening and capability-building in smaller firms. A restoration of tax incentives to encourage investment in digitisation, AI and technology uptake, energy efficiency and electrification, will boost productivity, support innovation and competitiveness, and enhance resilience and market access. Australian small businesses are falling behind their Asia-Pacific counterparts in the adoption of digital technologies. Investing in targeted support and education for small businesses to adopt digital technologies in their businesses can increase productivity by streamlining processes, building resilience to economic shocks, mitigating the risks of cybersecurity threats, supporting innovation and growth, and enhancing competitiveness with larger firms. Small businesses are not shrink-wrapped versions of big corporations. Right-sizing has to be the imperative in a renewed commitment to lift the regulatory burden and compliance costs imposed on small businesses. A genuinely risk-based, small-business-first approach and robust impact evaluation framework that genuinely considers non-regulatory options is needed. Including a mandatory small business impact section in all Cabinet submissions and adding small business engagement and support criteria to the regulatory agency performance assessment framework will enhance both thoughtfulness toward smaller respondents and accountability. Implementing digital reforms, which will encourage the adoption of business-ready new tech and AI, offers the promise of streamlining the business of running the business. Digital compliance and reporting systems that work in harmony with the natural business systems currently used by small businesses can ease the regulatory burdens. Regulators can really help by being very discerning about what they are asking small businesses, and in supporting small firms understand and meet what is being imposed. Synchronising and harmonising the ask of small businesses across various regulators and levels of government, and a tell-us-once ethos, shouldn't be too much of an ask. The United Nations reminds us that small and medium enterprises as the "frontline drivers of innovation, inclusion, and resilience". Small and family businesses need to be front of mind for our policymakers, especially as we head into the economic roundtable. When thinking about how best to drive the economic resilience and productivity improvements, energising enterprise through small businesses is a great starting point. The Treasurer has released the agenda for the much-vaunted three-day Economic Reform Roundtable he is hosting in just a few short days (August 19 to 21), and there is feverish activity on many fronts in the lead-up. Submissions aplenty and roundtables hosted by Ministers to capture input from those not in the impressive core group of 23 attendees that will participate in all sessions over the three days. The public release of some submissions has helped generate lead-up discussion. Possibilities are being canvassed, and the government's appetite for decisiveness and boldness is being probed. This, in turn, has generated hope, interest and some debate. The Productivity Commission's proposal to lower the company tax rate for SMEs is an example of quality thought-leadership. It aims to boost entrepreneurship, investment and competitiveness and would be funded by tax changes for the big end of town. It is an example of bold, multidimensional and transformative reform we need. Like so many bigger ideas, it is not uncontested. Where do the benefits and costs land? What are the trade-offs? Which businesses are driving prosperity gains and are most helping budget repair? What of the three in five small businesses that are not companies? You get the idea. Cautious optimism was very much the vibe at the recent small business roundtable I attended, along with other willing contributors assembled by Small Business Minister Anne Aly and Treasury. It was one of the numerous lead-up roundtables before the big event. The small-business champions, professional bodies, industry associations and financial and digital service providers all contributed meaningfully and constructively. Many of the well-argued ideas for reform were not new, but definitely warranted reiteration and reinforcement. Beyond sharing many great ideas, those gathered were keen to know about the government's economic reform ambition and appetite, and who the ball-carriers are who will ensure that constructive and considered input is embraced. This is particularly important for positive small business policy action. So many of the impacts and incentives guiding enterprising women and men's decision-making are (sadly) not directly the responsibility of the Minister for Small Business. Pleasingly for many of the roundtable participants, Minister Aly's opening remarks were strong, energetic and encouraging. The minister clearly appreciates that positive change for the small business community requires a whole-of-government effort. And whole-of-government support for small businesses is justified and necessary given the sector's vital contribution to Australia's economic wellbeing. Making up almost 98 per cent of Australian businesses, small enterprises generate about one-third of our GDP, which is nearly $600 billion in annual economic activity. Our smaller firms employ more than 5.1 million people, or two in five of the private sector workforce. While this current contribution is impressive and compelling, the small business share of overall economic activity and workforce opportunities has been in decline, like in other developed economies. Arresting this decline is an excellent and meaningful initial benchmark for reform success. To improve Australia's productivity, economic resilience and budget sustainability, we need to go beyond halting this decline. Turning it around will require improving operating conditions, encouraging entrepreneurship and nurturing an environment more conducive to small business success. This objective is why I have been banging on about the Australian Small Business and Family Enterprise Ombudsman's 14 steps to energise enterprise since August last year. These 14 steps are practical, readily implementable and action-driven. Pleasingly, many of these 14 steps are reflected in submissions and public statements about where the focus of the Economic Reform Roundtable should be and what practical commitments should emerge. Even if some of these ideas are not new, a Roundtable commitment to act will shift the conversation. Reform ideas will have landed, gained traction and political buy-in. Advocates can progress conversations from a how-'bout-this pitching of reform propositions to a how's-it-going inquiry about genuine progress. And that has to be positive and momentum-building. There are many calls for better incentives for small businesses to form, invest, take risks, survive and thrive. Discounting small business company tax paid in the first three years will help new firms get through the early years' "cashflow value of death". This will support reinvestment into a more robust foundation and help reduce the rate and cost of the reported 50 per cent small business failure rate within the first three years of operation. A more generous and durable instant asset write-off provision will support vital capital deepening and capability-building in smaller firms. A restoration of tax incentives to encourage investment in digitisation, AI and technology uptake, energy efficiency and electrification, will boost productivity, support innovation and competitiveness, and enhance resilience and market access. Australian small businesses are falling behind their Asia-Pacific counterparts in the adoption of digital technologies. Investing in targeted support and education for small businesses to adopt digital technologies in their businesses can increase productivity by streamlining processes, building resilience to economic shocks, mitigating the risks of cybersecurity threats, supporting innovation and growth, and enhancing competitiveness with larger firms. Small businesses are not shrink-wrapped versions of big corporations. Right-sizing has to be the imperative in a renewed commitment to lift the regulatory burden and compliance costs imposed on small businesses. A genuinely risk-based, small-business-first approach and robust impact evaluation framework that genuinely considers non-regulatory options is needed. Including a mandatory small business impact section in all Cabinet submissions and adding small business engagement and support criteria to the regulatory agency performance assessment framework will enhance both thoughtfulness toward smaller respondents and accountability. Implementing digital reforms, which will encourage the adoption of business-ready new tech and AI, offers the promise of streamlining the business of running the business. Digital compliance and reporting systems that work in harmony with the natural business systems currently used by small businesses can ease the regulatory burdens. Regulators can really help by being very discerning about what they are asking small businesses, and in supporting small firms understand and meet what is being imposed. Synchronising and harmonising the ask of small businesses across various regulators and levels of government, and a tell-us-once ethos, shouldn't be too much of an ask. The United Nations reminds us that small and medium enterprises as the "frontline drivers of innovation, inclusion, and resilience". Small and family businesses need to be front of mind for our policymakers, especially as we head into the economic roundtable. When thinking about how best to drive the economic resilience and productivity improvements, energising enterprise through small businesses is a great starting point. The Treasurer has released the agenda for the much-vaunted three-day Economic Reform Roundtable he is hosting in just a few short days (August 19 to 21), and there is feverish activity on many fronts in the lead-up. Submissions aplenty and roundtables hosted by Ministers to capture input from those not in the impressive core group of 23 attendees that will participate in all sessions over the three days. The public release of some submissions has helped generate lead-up discussion. Possibilities are being canvassed, and the government's appetite for decisiveness and boldness is being probed. This, in turn, has generated hope, interest and some debate. The Productivity Commission's proposal to lower the company tax rate for SMEs is an example of quality thought-leadership. It aims to boost entrepreneurship, investment and competitiveness and would be funded by tax changes for the big end of town. It is an example of bold, multidimensional and transformative reform we need. Like so many bigger ideas, it is not uncontested. Where do the benefits and costs land? What are the trade-offs? Which businesses are driving prosperity gains and are most helping budget repair? What of the three in five small businesses that are not companies? You get the idea. Cautious optimism was very much the vibe at the recent small business roundtable I attended, along with other willing contributors assembled by Small Business Minister Anne Aly and Treasury. It was one of the numerous lead-up roundtables before the big event. The small-business champions, professional bodies, industry associations and financial and digital service providers all contributed meaningfully and constructively. Many of the well-argued ideas for reform were not new, but definitely warranted reiteration and reinforcement. Beyond sharing many great ideas, those gathered were keen to know about the government's economic reform ambition and appetite, and who the ball-carriers are who will ensure that constructive and considered input is embraced. This is particularly important for positive small business policy action. So many of the impacts and incentives guiding enterprising women and men's decision-making are (sadly) not directly the responsibility of the Minister for Small Business. Pleasingly for many of the roundtable participants, Minister Aly's opening remarks were strong, energetic and encouraging. The minister clearly appreciates that positive change for the small business community requires a whole-of-government effort. And whole-of-government support for small businesses is justified and necessary given the sector's vital contribution to Australia's economic wellbeing. Making up almost 98 per cent of Australian businesses, small enterprises generate about one-third of our GDP, which is nearly $600 billion in annual economic activity. Our smaller firms employ more than 5.1 million people, or two in five of the private sector workforce. While this current contribution is impressive and compelling, the small business share of overall economic activity and workforce opportunities has been in decline, like in other developed economies. Arresting this decline is an excellent and meaningful initial benchmark for reform success. To improve Australia's productivity, economic resilience and budget sustainability, we need to go beyond halting this decline. Turning it around will require improving operating conditions, encouraging entrepreneurship and nurturing an environment more conducive to small business success. This objective is why I have been banging on about the Australian Small Business and Family Enterprise Ombudsman's 14 steps to energise enterprise since August last year. These 14 steps are practical, readily implementable and action-driven. Pleasingly, many of these 14 steps are reflected in submissions and public statements about where the focus of the Economic Reform Roundtable should be and what practical commitments should emerge. Even if some of these ideas are not new, a Roundtable commitment to act will shift the conversation. Reform ideas will have landed, gained traction and political buy-in. Advocates can progress conversations from a how-'bout-this pitching of reform propositions to a how's-it-going inquiry about genuine progress. And that has to be positive and momentum-building. There are many calls for better incentives for small businesses to form, invest, take risks, survive and thrive. Discounting small business company tax paid in the first three years will help new firms get through the early years' "cashflow value of death". This will support reinvestment into a more robust foundation and help reduce the rate and cost of the reported 50 per cent small business failure rate within the first three years of operation. A more generous and durable instant asset write-off provision will support vital capital deepening and capability-building in smaller firms. A restoration of tax incentives to encourage investment in digitisation, AI and technology uptake, energy efficiency and electrification, will boost productivity, support innovation and competitiveness, and enhance resilience and market access. Australian small businesses are falling behind their Asia-Pacific counterparts in the adoption of digital technologies. Investing in targeted support and education for small businesses to adopt digital technologies in their businesses can increase productivity by streamlining processes, building resilience to economic shocks, mitigating the risks of cybersecurity threats, supporting innovation and growth, and enhancing competitiveness with larger firms. Small businesses are not shrink-wrapped versions of big corporations. Right-sizing has to be the imperative in a renewed commitment to lift the regulatory burden and compliance costs imposed on small businesses. A genuinely risk-based, small-business-first approach and robust impact evaluation framework that genuinely considers non-regulatory options is needed. Including a mandatory small business impact section in all Cabinet submissions and adding small business engagement and support criteria to the regulatory agency performance assessment framework will enhance both thoughtfulness toward smaller respondents and accountability. Implementing digital reforms, which will encourage the adoption of business-ready new tech and AI, offers the promise of streamlining the business of running the business. Digital compliance and reporting systems that work in harmony with the natural business systems currently used by small businesses can ease the regulatory burdens. Regulators can really help by being very discerning about what they are asking small businesses, and in supporting small firms understand and meet what is being imposed. Synchronising and harmonising the ask of small businesses across various regulators and levels of government, and a tell-us-once ethos, shouldn't be too much of an ask. The United Nations reminds us that small and medium enterprises as the "frontline drivers of innovation, inclusion, and resilience". Small and family businesses need to be front of mind for our policymakers, especially as we head into the economic roundtable. When thinking about how best to drive the economic resilience and productivity improvements, energising enterprise through small businesses is a great starting point.
