The Institute of Public Accountants (IPA) has continued its support of the small business sector through its 2016 pre-Budget submission to the Government.

“The IPA’s submission puts forward a number of key policy recommendations, focusing particularly on the key pillars required for a more productive and dynamic small business sector,” said IPA chief executive officer, Andrew Conway.

“However, the recommendations within the submission are presented against the background of a looming economic downturn.

“Our Australian Small Business White Paper published in late 2015 shows that after more than two decades of prosperity driven by booming prices for mineral exports, Australia now faces the real prospect of a sustained fall in living standards.

“Apart from a deteriorating federal budget, the core of the nation’s economic problem is its failure to lift business productivity for much of the past 15 years.

“Sadly, this means that Australia’s businesses collectively are barely more efficient than they were at the start of this century.

“This situation must be arrested now if we are to continue to enjoy the standard of living we enjoy today.

“To this end, we are hopeful that the Government will take serious consideration of our key recommendations which include a loan guarantee scheme, venture capital funding, building an innovation system, boosting skills and human capital, and the need for robust tax reform,” said Mr Conway.

For more information on the IPA’s pre-Budget submission please click here