Small business are not winners in the Government’s Federal Budget says Shadow Small Business Minister Steven Ciobo.
“Labor’s Budget has missed the opportunity to assist Australia’s 2.4 million small businesses which are the key to Australia’s economic recovery.”
Ciobo believes that they neglected to cover off one of the biggest problems facing small business – cash flow.
“Kevin Rudd and Labor failed in this Budget to help small business cash flow. For Australia’s 2.4 million small businesses, cash flow is their single biggest challenge, yet they’re expected to help pay off Labor’s record net debt of $188 billion,” Mr Ciobo said.
Ciobo made particular mention to the Government’s increase in the Small Business and General Business Tax Break (Investment Allowance) from 30 percent to 50 percent, claiming that it will be of no use to small business.
“Where are small businesses going to get the money to go and buy new equipment and machinery if they are under cash flow stress?”
Ciobo believes the Coalition’s 6-point Small Business Action Plan is more in tune with the needs of small business as it provides “real assistance for small businesses” to put them on the “road to recovery and give them the support they need to lead Australia’s economic recovery.”
“The Coalition’s action plan offers a financial lifeline to struggling small businesses through incentives that will help boost cash flow, ensure businesses remain profitable, and reduce the costs of employing people so more people are the pay roll.”
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