SME GROWTH INDEX research released today shows that, when asked what SME priority the new Federal Parliament should focus on, company tax cuts was the top response.

SME Growth Index research is conducted independently by banking analysts East & Partners, on behalf of national working capital funder Scottish Pacific. The owners, CEOs or senior financial staff of 1257 SMEs across all states and key industries, with annual revenues of $A1-20 million.

Scottish Pacific CEO Peter Langham said company tax cuts topped the wish, nominated by 27 percent of business owners as the initiative that should have top priority.

The Federal Government’s moves last month to further expand the instant asset write-off should please respondents, as almost 24 percent said this should be their focus.

One in five SMEs want the newly elected government to prioritise cutting red tape by reducing their administrative and regulatory burden.

Mr Langham said SMEs were far more concerned about government action on things they see affecting their business on a day-to-day basis, rather than big picture projects such as the NBN or small business funding initiatives.

“Over the past six years, the SME Growth Index has repeatedly highlighted that company tax cuts and a reduced regulatory burden are the most pressing reforms SMEs are crying out for. Nothing has changed this round,” Mr Langham said.

“The Index has recorded a three year high in SMEs expecting to grow in the first half of 2019, despite the uncertainty surrounding the property market, Royal Commission aftermath and pre-election period.

“Simplifying the complex tax system and cutting red tape, and on a state basis getting rid of payroll tax, would have the biggest daily impact for Australia’s small to medium business sector.

“These are the everyday impact items that will energise SMEs, encourage business investment and drive growth and innovation,” he said.

Mr Langham said Federal Government efforts to simplify BAS must be starting to hit the mark – in this latest research, only one in 10 SMEs named further BAS simplification as their top priority, down from one in four when this question was last asked 18 months ago.

Only 7 percent thought reducing SME energy costs should be the main focus for the new parliament.

“Despite significant publicity around the announcement of a $2 billion SME lending fund, not even 3 percent of respondents felt that implementing this fund should be the top priority,” Mr Langham said.

“The research also found that very few SMEs thought the first order of business for any new Federal Government should be extending legislation to ease late payment times, working on SME infrastructure such as the NBN or funding national cybersecurity education for small businesses.”

Most SMEs weren’t seeking the extension of legislation designed to ease late payment times and to mandate participation in the Australian Supplier Payment Code, despite much public debate about ever-lengthening supplier payment times.

Just over 2 percent of business owners named it as their preferred top post-election priority.

Dedicated SME infrastructure such as fast tracking the NBN (less than 2%) and cybersecurity (1%) are seen by business owners as lower on the agenda for a new government relative to tax cuts and cutting red tape.

This is despite a recent Chubb and YouGov survey, Too Small to Fail? Australia SME Cyber Preparedness Report, that found 71 percent of SMEs have experienced a cyber-attack or error in the past 12 months and 45 percent of SME owners are not confident that their employees who have access to sensitive data are fully aware of their data privacy responsibilities.

About Scottish Pacific

Scottish Pacific is Australasia’s largest specialist working capital provider, helping thousands of business owners with the working capital they need to succeed. Scottish Pacific lends to small, medium and large businesses with revenues ranging from $500,000 to $1 billion. www.scottishpacific.com

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THE Australian Retailers Association (ARA) has announced that submissions for the 2019 eftpos ARA Australian Retail Awards are open.

This year’s awards will be held on August 15 at Myer Mural Hall, in front of 500 esteemed guests from across the country and will highlight the achievements accomplished by the breadth of talent across the ever-evolving retail landscape.

Russell Zimmerman, executive director of the ARA, said he was thrilled to acknowledge the retail leaders who are propelling the industry forward, through Australia’s first and largest national retail awards program.

“The ARA Awards have now celebrated Australia’s leading retailers for over 40 years and throughout this time, we have seen the retail industry enrich the lives of many Australians,” Mr Zimmerman said.

“As the industry continues to grow, the ARA believes it is important to recognise the dedicated retailers who have moulded retail into what is it today, and who continue to contribute to the vibrancy of retail.” 

The ARA is pleased to have major event sponsor, eftpos on board for the sixth consecutive year in a row, with Warwick Ponder, executive manager of Corporate Affairs and Communication expressing his support for Australian retailers.

“For over three decades eftpos has been the leading transaction provider for Australian shoppers and merchants and have revolutionised the way customers pay for goods and services,” Mr Ponder said.

“As retail makes vital contributions to the longevity of the Australian economy, we are proud to sponsor this incredible Awards program and recognise the Australian retailers who are the face of this industry.”

This year’s Awards includes 12 categories showcasing the diverse leaders in Australian retail – from digital retailers to national organisations, exceptional employees and cutting-edge store fit-outs. 

However, one of the most exciting additions to this year’s awards is the 2019 Retail Business Woman of the Year Award, which aims to honour the remarkable female leaders in the retail industry. 

“Through the successful application of our Women in Retail Series, the ARA have been inspired by the incredible stories shared by the strong female leaders working within the industry,” Mr Zimmerman said. 

“With 57.7 percent of retail employees being female, the ARA believe it's important to acknowledge the achievements made by talented female retailers and hopes it will motivate young women across the nation to consider a personal and professionally fulfilling career in retail.” 

The ARA has already received an abundance of nominations and encourages all retailers to submit an entry or nominate an extraordinary retail employee before Friday May 17.

All submissions are free and category details, eligibility and registration forms are available now at www.retail.org.au/2019-ara-retail-awards.

“The industry is filled with such a rich portfolio of retailers, and the 2019 ARA Retail Awards are the perfect way to pay homage to the passionate retailers who are the backbone of this dynamic and thriving sector,” Mr Zimmerman said. 

“We welcome retailers from all walks of the industry to take up this excellent opportunity and nominate their chosen organisation or exceptional individual who are paving the future of the retail.”

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $320 billion-dollar sector, which employs more than 1.3 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,800 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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THE Australian Academy of Science has applauded the announcement by the Federal Government to invest $3.4 million to improve science, technology, engineering and maths (STEM) equity in Australia and boost the participation of girls and women in STEM careers.

Academy president, Professor John Shine said the $1.8 million commitment to extend the Science in Australia Gender Equity (SAGE) — a partnership between the Australian Academy of Science and the Australian Academy of Technology and Engineering — was particularly significant.

“SAGE is the only transformative gender equity program of its kind in Australia designed to achieve sustained change via ongoing evaluation and a national accreditation framework,” Prof. Shine said. 

SAGE was set up to pilot the UK’s Athena SWAN Charter and accreditation framework in Australia. Fifteen Australian institutions were recognised for their efforts to improve gender equity, receiving the inaugural Athena SWAN Bronze Awards from SAGE in December last year.

“Australia has taken a leadership role by piloting the Athena SWAN Charter program, with countries such as Canada and the United States now following our example,” Prof. Shine said. 

The Australian Government’s continued support of the SAGE pilot positions Australia well and represents a strategic and forward-thinking investment that will allow the successful pilot to have greater reach and impact, he said.

“The Academy called for a stronger commitment to equity in science as one of its key priorities for the upcoming Federal election, recognising the positive and sustained impact of SAGE,” Prof. Shine said.

“Minister Andrews’ bold vision to have all eligible Australian research institutions being SAGE members and demonstrating their commitment to gender equity is commendable and achievable."

The Academy also welcomed funding for a national digital awareness raising initiative to be supported by Australia’s Women in STEM ambassador, Professor Lisa Harvey-Smith.

“Efforts to improve the visibility of girls and women in STEM and showcase the diverse career opportunities available by studying STEM are critically important,” Prof. Shine said.

“In making these announcements, Minister Andrews has recognised that supporting women’s participation in STEM has a positive economic impact.

“Australia needs access to all its available talent regardless of who or where they are, and we must ensure everyone takes action through the Women in STEM Decadal Plan,” Prof. Shine said. 

The plan was developed by the Australian Academy of Science in partnership with the Australian Academy of Technology and Engineering. It will be launched on Monday evening, April 1, at Parliament House by the Minister for Industry, Science and Technology, Karen Andrews.

It will identify opportunities to bring about the systemic changes required to achieve gender equity in STEM and will call on leaders across the STEM ecosystem to drive action to achieve this.

See the Academy’s other science priorities for the 2019 federal election.

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THE 2019 ELECTION year Federal Budget will be handed down on Tuesday, April 2, and the ABC will have extensive coverage on all its platforms.

Coverage begins at 7:30pm (AEDT), as the Treasurer Josh Frydenberg hands down his first Federal Budget live from Canberra on the eve of an election campaign.

From 8pm, our expert team of Leigh Sales, Andrew Probyn, Laura Tingle and Barrie Cassidy will discuss the winners and losers and what the budget means to you, with insights from Greg Jennett and Annabel Crabb.

The Budget Special will include the first interview with Treasurer Josh Frydenberg, as well as an interview with Shadow Treasurer Chris Bowen.

The coverage and analysis of Budget 2019 continues on ABC NEWS channel from 9pm (AEDT) with extended analysis by Greg Jennett, Andrew Probyn and Emma Alberici, who will be joined by Patricia Karvelas and Ian Verrender.

At 9.30pm (AEDT) Elysse Morgan presents a half hour special of The Business featuring:

• Mathias Cormann - Finance Minister
• Jim Chalmers - Shadow Finance Minister
• Diane Smith-Gander - Australian Business Executive
• Simon McKeon - Chancellor of Monash University

At 10pm (AEDT), there will be a late-night special edition of The Drum simulcast on ABC and ABC NEWS channel, hosted by Ellen Fanning, talking to leaders of the Australian business community for their reaction to the budget. Joining Ellen Fanning will be:

• Ketan Joshi – energy, science and technology expert
• Phil Coorey - Political Editor for the Australian Financial Review
• Wesley Enoch – artistic director and playwright

ABC will also broadcast Opposition Leader Bill Shorten’s Budget Reply speech at 7:30pm (AEDT) on Thursday, April 4, followed by extended coverage and analysis on ABC NEWS channel from 8pm (AEDT).

www.abc.net.au

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