Small businesses welcome big promises

The country’s peak small-business body has welcomed federal and state Labor pledges to cut red tape and support owners, but urged for ‘rubber to hit the road’ and ‘tangible action’ at a national summit in Sydney.

Prime Minister Anthony Albanese addresses the COSBOA national summit in Sydney on Thursday. Picture: John Feder

The country’s peak small business body has welcomed federal and state Labor pledges to cut red tape and support owners, but advocated for “rubber to hit the road” and “tangible action” at a national summit in Sydney.

On Thursday, The Australian reported Anthony Albanese’s promise that Australia’s 2.5 million small business owners would benefit from measures in the May 14 budget, saying they were “front and centre in our thinking”.

The Prime Minister’s comments at Thursday’s Council of Small Business Organisations Australia national summit were followed by NSW Premier Chris Minns promising he’d take the shears to red tape, in joint overtures welcomed by the organisation’s chief executive. “To put small business front and centre, we need to ensure all portfolio areas are at the forefront – across tax, energy, industrial relations and productivity,” COSBOA’s CEO, Luke Achterstraat, said, adding that he hoped to see “the rubber hit the road” on action.

“We welcomed Mr Albanese’s commitment that his door is always open to COSBOA and small business, and we hope to see significant action on procurement opportunities for small business, and red tape and compliance reduction, among others.”

The May 14 budget is expected to include targeted cost-of-living support and Mr Albanese, who is travelling the country selling his “Future Made in Australia” push, told the summit he was inspired by the “courage and ambition” of small business.

Mr Achterstraat said recent federal government relief was welcomed, urging the Prime Minister to keep his pro-business course. “Addressing rising energy costs is also welcome when small businesses have endured rises of over 40 per cent in recent times,” he said. “We need to ensure that our unsung heroes in small business not only receive recognition but practical actions and policies during very challenging times”.

In his address, Mr Minns said small business was the “lifeblood” of the economy and promised to take the axe to “unnecessary”, outdated or inefficient red tape, taxes or processes holding owners back. “One of my jobs is to make life (for small businesses and owners) as easy as possible, to help reduce the burden to help you operate more freely,” he said.

“If approval times are stifling business decisions, we want to reduce those times. If poorly designed taxes are weighing you down, we want to cut them if we can. If unnecessary red tape is slowing you down or holding you back, then we want to get rid of it.”

Mr Minns said he would listen to organisations like COSBOA and small business to “apply the lived experiences” of owners. “Small businesses are the lifeblood of the NSW economy, the biggest employer,” he said. “Without small businesses, our economy would grind to a halt.”

Mr Achterstraat welcomed Mr Minns’s commitment, saying the 850,000 small businesses in NSW helped create “countless jobs and opportunities” across the state. “The Premier’s focus on improving processing times and reducing red tape through initiatives like the NSW Business Bureau are excellent initiatives,” he said.

“We need agencies to move from a culture of ‘no’ to ‘yes’ and back our small businesses, who are risking their own capital to employ others.”