IPA outlines policy priorities with election date announced
The professional body has called for all sides of politics to focus on supporting small business productivity and sustainability.
With the federal election date now set for 3 May, the Institute of Public Accountants (IPA) has outlined four key policy areas it would like to see the next elected government focus on.
These four areas include small business productivity, innovation, sustainability and bold and considered tax reform.
Andrew Conway, chief executive of the IPA, said Australia needed robust policies “underpinned by economic and environmental sustainability”.
“All sides of politics refer to small businesses as the backbone of the Australian economy, yet they often face excessive regulatory burdens, fragmented government support, and difficulties accessing capital,” Conway said.
“What we need is genuine, long-term support and visionary reform to revitalise productivity to grow the economy through small business.”
The economic significance of the small business sector meant that it had the potential to positively influence productivity growth.
"Australian small businesses operate in an increasingly complex global environment of increased interconnectedness, interdependence, uncertainty, and change," the professional body said.
"For this reason, and others, the sector requires support to become more innovative and efficient; employ more people; and increase exports."
The IPA added that a simplified, risk-based regulatory framework was also needed to allow small- to medium-sized enterprises (SMEs) to focus on driving innovation and job creation rather than being bogged down by unnecessary red tape.
"Regulatory compliance continues to be one of the most significant challenges for small businesses, consuming valuable time and resources that could be better spent on expansion and productivity. Complex and excessive regulations are stifling growth, hindering innovation, and making it increasingly difficult for small businesses to remain competitive," it said.
The IPA said Australia could adopt a small first, risk-based regulatory approach, similar to the European Union's model, where regulatory frameworks are designed with SMEs at the forefront.
Encouraging and supporting research and development were critical, the IPA said, with innovation a key driver of productivity.
The professional body wanted to see the next government implement a progressive innovation policy that included increased support for R&D by SMEs.
It also called on the government to encourage and invest in the development and adoption of sustainable technologies to accelerate the transition to a sustainable economy.
