Published on 21/05/2019 by Any Business.Com.Au

Election 2019: The Wash Up for Small Business

With Scott Morrison and the Coalition clinching a surprise election victory on Saturday night, it seems it's going to be business as usual for small business owners.

Despite Labor and Bill Shorten promising to introduce new policy around the instant asset tax write-off (increasing the threshold from $20,000 to $30,000) it seems government stability and the already made commitments of the current government out-weighed any new policy promises.

While the Coalition did not really introduce anything new in terms of new small business policy throughout its campaign, the perception of it as strong economic management made it a more attractive offering for small business owners.

The Coalition went on a small-business offensive late last year and has committed to spending billions in taxpayer money supporting Australia's smallest companies.

Labor, meanwhile, made a myriad of announcements in the new year and has supported several big-ticket Coalition initiatives, helping pass them into law in recent months.

The instant asset write-off was again extended and SME tax cuts were announced and brought forward with Labor backing.

This it seems was enough to make up the mind of small business owners at the weekend's election.

The Importance of Implementing Policies Now

The feeling now is that Prime Minister Scott Morrison needs to commit to his pre-election promises of a $100 million Australian Business Growth Fund and its previously announced $2 billion Australian Business Securitisation Fund sooner rather than later.

Small business owners believe the government has an opportunity to impress the nation's small business community by implementing their campaign proposals quickly.

Access to finance initiatives will no doubt help fill a capital hole for small businesses and help them better understand their full financial position.

The current government also acknowledged a skills shortage in potential employees, proposing around $1 billion to help expand vocational training and encourage apprenticeships.

According to sources, the sooner small businesses get access to such funding, the sooner they can then help lift the country's employment rate.

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AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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