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Federal Budget: How did SME leaders react? 

The budget has been generally well-received by key small business groups. However, opinions do vary between industry leaders. Let’s hear what they have to say about the 2022-2023 Budget.

The Council of Small Business Organizations Australia (COSBOA) welcomed the Budget as providing well considered structural reform with CEO Alexi Boyd stating:

“The Government should be highly commended for its commitment to reducing the regulatory burden on small businesses people.”

ABF media

The 120% tax deductions on skills training and better digitisation practices were especially welcomed by COSBOA as it has highlighted technology and cybersecurity needs as key impediments to small businesses. Nevertheless, this year’s Budget is not all perfect, with:

“The Budget lacking in more immediate relief measures to address the number one issue for small business right now: workforce shortages.”

Business Council of Australia (BCA) CEO Jennifer Westacott said:

“This Budget helps take immediate pressure off Australians and begins laying the groundwork for a more secure economic future. A growing economy and a strong budget position – powered by the private sector – will deliver jobs for Australians and the revenues needed to fund services and support. The dividend of our world-beating recovery means the government can provide temporary cost-of-living relief while continuing to lock in growth and start repairing the Budget.”

CEO of the Australian Chamber of Commerce and Industry Andrew McKellar however was more reserved stating that:

“While business has been well served by continued investment to skill our local workforce, slash red tape and enhance digital capability for small enterprises, we are without a long-term agenda for Australia to realise its economic potential.”

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson said:

“Tonight’s Budget represents a financial and strategic commitment to ensuring small and family businesses are digitally enabled, resilient and have the support, incentives, skills and training needed to be truly competitive.”

By: Lucy Ng, SBC writer

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