It’s been almost 30 years since Australia last experienced a recession and almost 10 years since the country recorded a negative GDP growth, which was back in 2011 when the Queensland flooding and Cyclone Yasi hit. With the latest downturns in Australia’s quarterly GDP reports, as well as the economic effects of the pandemic, the future Read More…
Small business owners prioritise climate change, energy costs and tax cuts
Tue 28 May 2019 - 10:55 amCashflow | Featured | Small Business | Tax
Despite many not being able to name key politicians, the survey revealed small business owners were highly engaged with issues that affected their industry and broader community, with the cost of energy the most important for 29 per cent of small businesses this election campaign, closely followed by tax cuts (28 per cent) and climate change (10 per cent).
Climate change was rated a more important issue than both red tape reduction and access to capital, at 7 per cent each.
Further findings from the survey included:
● Almost one in two (49 per cent) of small businesses feel the sector is being overlooked by the major parties
● Nearly half of all business owners (47 per cent) consider the minor parties when voting
● Nearly two in five (38 per cent) of small businesses only “somewhat understand” the policy differences between the two major parties 
● More generally, the single thing small business owners are most worried about are: cash flow (30 per cent); cost of energy (17 per cent); and the outcome of this year’s election (11 per cent).
One of the most surprising insights out of the survey was how small business owners found out about policies that could affect them. Forty-two per cent received such advice from their accountants or bookkeepers, compared with 32 per cent getting their information from government websites, and 24 per cent from financial advisers.
“We’re pleased to see that the vast knowledge of accountants and bookkeepers is being utilised by small businesses. There are a number of policies that will directly and indirectly affect small businesses, and it’s important that small businesses are aware of these changes and how they will affect their bottom lines,” added Mr Prouse.
 250 small businesses owners were surveyed across Australia in April 2019. Survey was commissioned by Xero and conducted by PureProfile.