What small businesses really want from the budget

Small businesses are desperate for relief in the upcoming federal budget after being caught between consumers’ reluctance to open their wallets and the government’s focus on reducing inflation, business groups say.is likely to peak later this year as Australians scrimp and save amid a cost of living crisis and mounting costs of doing business, with the Australian Chamber of Commerce describing economic conditions as “very, very fragile”.

“That said, we are very aware that the overriding objective for the budget is that it has to make real progress on the task of fiscal repair. The trajectory over the medium term has got to be credible.

“That would then create a broader tax base, it would bring retirees back into the tax base and take some of the pressure off Australia’s income earners,” Bird said. “There’s a strong view among the mid-market that that would be an appropriate response that would help our economy.”In March 1136 businesses failed, up from 555 in January and 968 in February, according to data from ASIC.

A key indicator of further insolvencies to come is the surge in trade payment defaults, which is up 22.6 per cent compared to last year, meaning businesses are falling behind on paying outstanding invoices.

Source: News Formal (newsformal.com)

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