Federal Budget 2022: Small business owners overlooked

One major group of Australians has been left in the dark when it comes to the budget cash splash. Here’s how they have missed out.

With the promise of one million new homes and a suite of new funds to solve the nation’s ills — there’s one group of people Treasurer Jim Chalmers seemed to forget when handing down his maiden Budget.

There was little mention of Australia’s small business owners and what role they will play in the coming year.

While Optus and Medibank dominate headlines about cybersecurity breaches, it is the small business owner that has the most to lose.

Small business owners have been left in the dark. Picture: NCA NewsWire / David Mariuz

If Australia’s well-resourced corporate sector can’t repel cyber threats, heaven help the small to medium sized enterprise sector.

The Treasurer made many references to lifting wages but it is the small business sector that will have to absorb rather steep energy price increases as well as supply chain pressure.

Tuesday night’s Budget for Labor — was almost like a step back in time.

Former Labor Treasurer Paul Keating and his key ally in the trade union movement, Bill Kelty had set out to tame the 1980s inflation beast around wage growth by striking an agreement called, ‘The Accord’ so as to moderate wage demands and not repeat the oil shock tainted 1970s.

While the Labor Party of the 1980s had great success in finding consensus for reforms, the indifference paid to the small business sector during this period with stifling laws and onerous levels of red-tape meant many promising enterprises disappeared.

If Jim Chalmers is holding a digital photo — plan for the future and not repeat the past.

The small business sector which has copped the very worst of Covid-19 lockdowns, worker shortages and the shadow of deteriorating global economy to deal with.

In other words, if the subdued growth forecast in the budget materialises, it will be the households the treasurer has sought to charm (pun intended) wishing they could travel back in time and save their financial futures … .as well as the clock tower.

Dan Petrie is a data journalist with News Corp and contributor to Sky News.