EP#235 ~ Budget Special Part 2! Plus, how do Australian small businesses compare with their international counterparts

Small Biz Matters: People, Policy, Purpose ~ Episode #235
Broadcast date: 28 May 2024
Host: Alexi Boyd, Small Business Advocate & Policy Advisor
Guests: Gavan Ord, Policy Adviser CPA Australia

What could be better than one Budget Special?? Two!! That’s right, we are the only dedicated small business policy and advocacy analysis radio program so its important we bring you the budget experts to really help you understand what the Budget means for you.

If you missed last week’s episode, we had a jam-packed show filled with experts on budget night for their immediate reactions and a great unpacking of the budget from David Harding from Business NSW.

So, to recap, there’s not a lot of small businesses that wait with bated breath each budget night for what’s in it for them, but there is a handful of experts looking out for the needs of small businesses in every single budget. They include Peak business groups, community organisations, industry groups and advocates from all over the country.

Making it more difficult for small business advocates, is the fact that small businesses are affected by spending decisions every single policy area and every single government department.

This week, we take the advisors’ perspective; Gavan Ord from CPA Australia gives us an analysis from what it means in terms of small business investment, planning and the future of small business policy for advocates.

Gavan is one of those experts who has been in many lock-ups, and understands how to read the papers with an added bonus capability – he’s an accountant!

Plus, we unpack a great piece of research from CPA Australia - their 2023-24 Asia-Pacific Small Business Survey. The research found that businesses owned by under 40s are more likely to invest in new technologies, are more likely to innovative, are less risk averse, and ultimately, are more likely to grow. Getting more young people into business – and nurturing their entrepreneurial spirit – can only be a good thing for the economy in the long-run. Problem is, we have an aging population of small business people in this country; so what are the policy settings the Government needs to consider to support them and enable them to handover the mantle to a new generation of entrepreneurs? Let’s find out on Small Biz Matters this week.

PEOPLE –  Can you tell us about the recent survey conducted by CPA Australia, annual Asia-Pacific Small Business Survey and what the key findings were? What does the Govt think of when they think of innovation? What impact do accountants have on the everyday lives of small businesses and why are they so important in the co-design of policy?

POLICY - Why should policy makers pay attention to this data, and what should it mean for the emphasis for self employment assistance programs? How does an organisation like CPA Australia consult to Government and what other key areas are you working on right now? Does it go beyond Tax & Super?

PURPOSE -  What are the positives from this research about the future of small businesses in Australia? Or, should we be worried about growth and innovation? There is clearly a strong link between migration and small business success. This data proves it.

Gavan is an expert on business and the economy, with a special interest in small and medium enterprises in Australia and Asia. Gavan meets frequently with governments to give CPA Australia’s perspective of the impact of policy changes on the business sector. He also makes regular appearances in media commenting on business conditions and the economy.

CPA Australia’s 2023-24 Asia-Pacific Small Business Survey found that businesses owned by under 40s are more likely to invest in new technologies, are more likely to innovative, are less risk averse, and ultimately, are more likely to grow. Getting more young people into business – and nurturing their entrepreneurial spirit – can only be a good thing for the economy in the long-run.

A link to the full survey results, the Australian summary and infographic, and the characteristics on high-growth small businesses can be found here