Local small businesses have rated greater opportunities for growth, additional tax incentives and a focus on delivering flexible employment as key areas they’d liked to have seen on the 2012 budget agenda.
After the Wayne Swan’s rhetoric about his Government being one for small and medium business, the Federal Budget delivered last week turned out to be remarkable in that if contains no new meaningful support to businesses that aren’t loss making.
Treasurer Wayne Swan unveiled the 2012/13 budget in Canberra overnight, returning it to surplus and detailing a number of measures he said would benefit small business. But many SMBs have been left wanting by the budget, saying it doesn’t deliver enough support to the sector.
The Reserve Bank (RBA) has cut the national interest rate to 4.25 percent, the second consecutive cut it has made in its monthly meetings—the first back-to-back monthly cuts since April 2009.
The Federal Government has revealed a round of spending cuts to the tune of $6.8 billion over the next four years to help the nation’s balance sheet return to black.
SMEs continue to see insolvency as their biggest concern, with experts calling on the Government to implement tax breaks for small businesses at today’s Tax Forum.
Credit unions and building societies have welcomed the Federal Government’s banking reform package as “a good step towards more bank competition”.
The Australian Bankers’ Association (ABA) has come out and labeled the current debate on banking regulation in Australia spearheaded by Labor’s Wayne Swan and the Liberal’s Joe Hockey as “long on rhetoric but short on facts”.
Interest rates in Australia remain unchanged by the Reserve Bank of Australia at 4.5 percent after earlier expectations that the RBA would increase official interest rates 25 basis points to 4.75 percent.
Australian interest rates are set to increase again by 25 basis points when the Reserve Bank of Australia board meets today, taking official interest rates to 4.75 percent.
