Australian businesses are reporting higher revenues than last year, and are expecting revenue to continue to rise, a new MYOB report has found.
MYOB Business Monitor, conducted by business management solutions company MYOB, which found that 74 percent of businesses reported revenue levels at the same or higher levels than a year ago. A further 47 percent of businesses reported they expect their revenue to increase even further in the next 12 months, with 49 percent indicating that they have more work than usual lined up over the next three months.
The findings of this report show that business is picking up in the wake of the GFC, according to CEO of MYOB Tim Reed.
“These results clearly indicate that the engine room of the Australian economy has survived the GFC and is now picking up speed. Whoever forms government must look to support this momentum with some strong first term business policies,” said Mr Reed.
The report also found that a third of businesses were dissatisfied with Federal Government support prior to the election. Almost two thirds of businesses also indicated that dealing with Government red tape and understanding how new legislation impacted their operations had a significant impact on their business success.
The Government should focus on alleviating these issues in the near future, said Mr Reed.
“Our research shows there is a clear mandate from business owners for bold policy action to minimise red tape, simplify reporting requirements and reduce the tediousness of a complex array of personal, company, capital gains and fringe benefits taxes,” said Mr Reed.
Businesses across Australia also identified rising interest rates and fuel prices as two potential pressures on their business.