IPA pre-Budget submission

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 go to http://bit.ly/1PVGJX7

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than with more than 35,000 members and students in over 65 countries.  The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.  The IPA was recognised in 2012 as Australia’s most innovative accounting organisation and listed in the top 20 in the 2012 BRW Most Innovative Companies List. 

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