65% of SMEs don’t expect the federal budget to help them: MYOB survey
An even greater percentage say they are either dissatisfied or ambivalent about the federal government’s current level of support for businesses like theirs.
A majority of Australian small business owners don’t believe next week’s federal budget will benefit their business, and an even greater percentage say they are either dissatisfied or ambivalent about the federal government’s current level of support for businesses like theirs.
While Treasurer Jim Chalmers has claimed “small businesses will be front and centre” in the May 9 budget, that message does not appear to be resonating with small business owners, according to research conducted by business management platform MYOB.
Data exclusively provided to SmartCompany shows 65% of small business owners are either not very or not at all confident that the federal budget will deliver “a positive outcome” for businesses like theirs.
However, almost a quarter (23%) of the 1029 small businesses surveyed said they feel quite or very confident the budget’s outcomes will be positive for their business, and 3% said they were very confident, with the remaining respondents saying they don’t know.
Close to 60% of respondents said the government should provide more support to small businesses, while 8% said big businesses deserve more support; 18% nominated both.
Half of the small businesses surveyed said they don’t feel the government is doing enough to help SMEs manage critical areas such as employment, skills development and supply chain issues, while 14% hold the opposite view. A third of respondents said they were unsure if the government is doing enough.
Overall, less than 20% of small business owners (18%) say they are quite or very satisfied with the federal government’s current level of support for businesses like theirs, and 31% feel quite or very dissatisfied.
Most (46%) say they feel neutral — neither satisfied nor dissatisfied.
This means the federal government has, with this budget, “a chance to demonstrate how they can help small businesses fight rising costs, and provide outcomes to assist them through a challenging time”, says MYOB chief employee experience officer Helen Lea.
On Sunday, Chalmers announced details of the government’s Small Business Energy Incentive, which will feature in the budget. The measure will provide an additional 20% tax deduction on spending linked to improving energy efficiency for businesses with annual turnover under $50 million.
This announcement was made after the MYOB survey was completed, and Lea believes the incentive “would be welcomed by many” small business owners.
“At a recent roundtable of SMEs, hosted by MYOB, we heard businesses really want to be more sustainable, but cost has been a barrier in the past,” she said.
“On Tuesday night, we are hoping there will be more outcomes for small businesses in the other areas they need, so they can continue to drive significant value to the Australian economy.”
