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An overwhelming majority of accountants believe additional support for business is needed in the upcoming federal budget.
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Majority of accountants want greater government support
15 February 2022
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9 minute read
CPA Australia latest poll gauged whether people think additional support for business is required in the budget.
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Over half (52 per cent) said yes and that a “range of support” is required. Meanwhile, 29 per cent said greater financial support was needed and 10 per cent said non-financial support was necessary.
On the flip side, just 9 per cent said they don’t believe further government support is required.
Gavan Ord, senior manager business policy at CPA Australia, said the results come at a critical time.
“Last week the Treasurer said it’s time to ‘draw a line in the sand’ on business support. But our survey shows an overwhelming majority of respondents think it’s appropriate to provide more support for business in the budget,” Mr Ord said.
“Governments have a range of tools at their disposal to support businesses and create a business friendly environment. These include a mix of direct financial and non-financial measures. The votes show that most professionals support a nuanced approach, which involves a combination of support measures.
“Fewer than 10 per cent of respondents think that business support is no longer necessary. This is because people can see for themselves just how tough it is for businesses now. We don’t need trade figures to confirm that customers and employees are missing in action; you only need to walk down your local High Street.”
Mr Ord noted that CPA Australia will continue its push to government in calling for greater support measures.
“We subscribe to the view of the majority on this issue. The economy may catch ‘long COVID’ if support isn’t available to help businesses manage future COVID outbreaks and disruptions. Our preference is for the budget to include measures which support businesses to improve their sustainability and growth prospects, rather than direct financial support,” he said.
“We’re calling on the government to provide incentives to help small businesses access advice from their trusted adviser. This could take the form of a voucher or grant.
“It’s looking increasingly likely that many businesses will experience ongoing disruptions for the whole of 2022, and potentially beyond. Ultimately the government needs to balance the cost of providing business support against the benefits and risks of doing nothing. On balance, we think the benefits of providing additional support for business in the budget outweigh the risks.”
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