Earlier this month, the federal government committed $1.2 billion of investment to Australia’s digital future, offloading a 30 per cent tax offset for the video game industry.
“This significant investment will support small business growth and go some way to unlocking the commercial gains that can be made through digitisation,” Mr Billson said.
“Many small businesses have adopted better use of mobile and internet technologies as a result of the COVID crisis and these announced support measures will help that trend continue. Being digitally engaged has been very important for businesses, particularly in regional and rural areas, to continue delighting customers at a time of pandemic-related disruptions.
“In reality, digitisation is now vital to being truly competitive. That means everything from having a website to being e-commerce-enabled, using apps to improve business efficiency and targeting customers through social media platforms.”
Mr Billson noted the investment will have a positive knock-on effect to the nation’s economy, as SMEs with advanced levels of digital engagement “are 50 per cent more likely to grow revenue and earn 60 per cent more revenue per person”.
“We welcome the Australian government’s commitment to help SMEs build their digital capacity and drive business uptake of e-invoicing,” he said.
“With 1.2 billion invoices exchanged in Australia every year, making the switch to e-invoicing would add an estimated $28 billion to the Australian economy over 10 years. For SMEs, we know e-invoicing streamlines productivity and improves cash flow with reduced admin and faster payments.”