You may have heard of Goodfields in Lindfield. They are one of the many wonderful cafés and small business we have locally.
NSW Liberal Leader Mark Speakman and I chatted with owners George and Anthony about how cost-of-living impacts their business. We went through all their expenses – rent, electricity, gas, employing staff and fresh produce. We then turned to government taxes and charges, including GST and workers’ compensation premiums.
Small business are so much more than just paying bills. They are the backbone and heart of our local community. They provide services, employ people and create economic growth.
This Christmas, I encourage everyone to shop local and support our small businesses. Whether it be purchasing presents, foods and drinks, or going out for a good time. They need and deserve our support.
Thankfully, we have a wide selection of small businesses to locally choose from, with almost 15,000 in Ku-ring-gai and over 32,000 in the Northern Beaches.
Each month the Small Business Commissioner releases a Momentum Survey.
The latest found the following from small businesses in NSW:
- 34% have plans to grow, alter or expand operations;
- 16% expect revenue to increase;
- 45% plan to expand and are looking to hire additional staff.
This gives us great hope – but there is still so much more work to do. 82% of small businesses indicated they were concerned about the cost of business inputs.
I have a few ideas worth considering.
For starters, we need to cut red tape that costs the Australian economy $176 billion annually, according to the Institute of Public Affairs. Red tape reduction should include that for every new regulation, two regulations are repealed. Governments at all levels, persuasions and locations should also try to streamline processes and regulations to make it more simple to do business.
Secondly, workers compensation premiums need to be reduced. In the last year, premiums increased 8%. icare needs to guarantee that every dollar raised from premiums is put towards supporting injured workers – not towards executive bonuses or travelling to Bermuda (yes, this actually happened in May 2023).
Finally, we need a dedicated champion as Minister for Small Business. They should hold portfolios that complement small business, such as Treasury, Finance or Fair Trading. Government has an important role to play, and it begins by listening and understanding small businesses.
We all have a part to play in supporting small businesses. Let’s get behind them this Christmas.