“Many SMEs experienced financial hardship or were forced to hibernate, and even close, during the pandemic. This also impacted our economy. However, with business success on the horizon, Australia’s economy can also enjoy a much-needed boost.”
Businesses were also asked to identify the factors, from a list of 11, that they believed would aid their recovery. Australia’s economic recovery would have the biggest positive impact on SMEs, with this factor chosen by more than half (57%) of respondents.
About 38% of business owners said a return to travel would help their businesses recover, while 36% said returning to the workplace to boost employee engagement and productivity would greatly aid their recovery.
Recruiting better and additional talent would help 31% of SMEs, higher consumer confidence in the economy would help 30%, and reduced inflation would assist 27%, while better technology and government stimulus would help 23% and 21% of businesses, respectively.
“Thanks to the recently announced Federal Budget, more SMEs will be able to tap into the very resources and assistance they said they needed to hasten their recovery,” Mr Walley said.
“For instance, the government will invest $21 billion in tax cuts to reduce the tax rate to the lowest level in five decades. Businesses will also be able to access new technologies and tax relief for training to upskill their employees.
“I also believe that a return to face-to-face communication will play an important role in the recovery, as do the 38% of businesses who said they need to get back to travel to recover.”