Is Australia open for business?
Dr John Hewson said the next 18 months will be a tough time for small business and the community should be concerned about what will sustain Australia’s economy past the mining boom.
Speaking at the 12th National Small Business Summit, Dr Hewson criticised the government as lacking an overall policy that provides a strong direction for the country or one that translates the value of small businesses into policy.
“Small business are the largest employers and yet they face major difficulties such as getting equity investment, securing bank loans and dealing with business interest rates which are still too high compared to where the official interest rate sits.
“We’ve also lost a massive opportunity to build a lot of new businesses in response to climate change with the rescinding of the carbon tax.
“We keep getting told we are open for business, but what business? Where is the growth going to come from after the mining boon?” asked Dr Hewson.
Dr Hewson believes that government has a unique opportunity to make a difference to small businesses through tax reform.
“I believe it is time that we have a mature debate about structural tax reform so we can ensure equity and longevity in our taxation system.”