84% of MYOB Survey Respondents Suggest Small Business Support is Crucial in Tonight's Budget.
MYOB Survey: Australians Call for Budget Measures to Address Cost of Living and Support Small Businesses
Ahead of the release of the Federal Budget tonight, a recent MYOB survey highlighted the need for greater support for small businesses with 84% of respondents suggesting that supporting small businesses would be crucial for economic recovery and preventing a recession.
The survey, conducted with 600 respondents, found that 81% of Australians were concerned about the cost of living, with rising expenses for utilities, housing, and transport being their primary concerns. In response, 88% of respondents said they had already adjusted their spending habits, with 54% cutting back on entertainment and events, 51% adhering to a personal budget, and 51% reducing their dining out and food delivery expenses. Additionally, 31% of those surveyed stated they are saving money in anticipation of a potential recession.
With the cost of living being a top priority for Australians, respondents' main focus for the Budget this year is to address this issue (73%), followed by consumer rent relief and affordable housing (50%), tax cuts (43%), investment in the environment (32%), and childcare rebates (27%). It's evident that addressing the rising cost of living is a significant concern for Australians, and they are looking to the Budget to provide some relief.
Small Business Support
The survey also highlighted the most crucial Budget measures that could support small businesses in stimulating the economy. Tax cuts were identified as the top measure with 52% of respondents, followed by support for hiring workers (46%), and subsidies to assist small businesses in building an online presence and using digital products (46%).
Despite this support for small businesses, only one-third of those surveyed expressed confidence that the upcoming Federal Budget would provide favourable outcomes for small businesses.
Supporting small businesses can continue to drive the economy. "Digitally advanced SMEs are 50% more likely to grow their revenue, they’re eight times more likely to create jobs and seven times more likely to scale. MYOB modelling found that helping SMEs with low or no levels of digitization get online could lead to a $10.5 billion gain for the economy," said MYOB Chief Employee Experience Officer, Helen Lea.
As startups and small businesses across Australia wait eagerly for the release of the Federal Budget, the measures announced will be critical for their future. With COVID-19 still affecting many businesses, there is a strong hope for government support and initiatives that can help them recover and thrive.
Small businesses are a vital part of the Australian economy, employing 7.4 million Australians and contributing more than $700 billion to the GDP. SMEs make up more than 99% of all businesses in Australia, highlighting their significant impact on the country's economic landscape. With such a large portion of the population relying on small businesses for employment and economic stability, it's crucial that the government continues to prioritize their support and development in this year's Budget.
Tags: government federal budget hr small business
About the author
Vanessa Lovie
CEO Bsale Australia
Vanessa is the current manager and CEO of Bsale Australia. Over the past 11 years as a business owner, she understands what it takes to grow a ...
