Even if these aren't new ideas, we have a chance to shift the conversation
The Advertiser3 days ago
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.
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.
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.
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.
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