Get your daily dose of the latest news affecting small business. Here’s what you need to know on August 20.
- The results of the August 2019 Sensis Business Index have landed and the report finds 89 per cent of small business owners are concerned about the economy. Despite increased business confidence off the back of the election results, small business owners remain nervous. Their main concerns: a lack of access to finance. Many believe the government is not doing enough to support small business, with 30 per cent of business owners suggesting it is harder to access finance than just six months ago. One in three business owners believe the economy is currently at a standstill.
- The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has called for the government to take action on the barriers to small business growth after the results of an Institute of Public Affairs Report showed small business growth is in decline. “What concerns me greatly about this report’s findings is the sharp drop in the percentage of small businesses hiring additional staff,” Carnell said. “Less than one per cent of small businesses with 1-4 employees in 2017, employed more than four workers in 2018. That’s significantly below the historical transition rate of 6 per cent.”
- The Black Economy Taskforce has called for the government to limit the use of cash to $10,000 for transactions between businesses and individuals in an effort to close the loop on the black economy. It’s suggested the proposed legislation will stamp out tax evasion and money laundering. Australians found to be breaking the law could face two-year jail sentences and up to $25,000 in fines. The bill will be voted on in the coming weeks.