6 October 2020

Tonight’s Federal Budget has brought renewed focus on small business survival and growth to drive the post-COVID economic recovery, according to the Institute of Public Accountants (IPA).

“Australia’s prosperity has been described historically as ‘riding on the sheep’s back’, our economic recovery from this crisis will be riding on the back of Australia’s small business owners and operators,” said IPA chief executive officer, Andrew Conway.

“But we need to create the right economic environment for them by encouraging consumer spending, making it easier to access capital and to give them the confidence to survive, grow and employ.

“The measures introduced to date by the Federal Government, including JobKeeper, JobSeeker, JobMaker, cash boost, insolvency reforms, credit reforms, loan guarantee scheme and personal income tax relief, provide a compound, insulating effect for Australia’s 2.3 million small businesses.

“This Budget provides the critical support small business needs to build its confidence to stay open, to rebuild and start employing.

“Tonight’s announcements go a step further by making the largest investment and incentive package Australia has ever seen. We applaud the Government for providing a fast-track for small business to invest and incentive to grow.

“There is much more to be done to get on the true road to recovery. This Budget delivers certainty, confidence and clear roadmap for sustainable recovery whilst delivering on the Government’s promise not to introduce any new taxes,” said Mr Conway.