iscoverAs the government’s wellbeing framework is entrenched more into the Australian workforce, the Institute of Public Accountants is calling for a broader focus and scope on small businesses.
SME, sustainability focus needed in Measuring What Matters framework
03 October 2025
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8 minute read
The Institute of Public Accountants (IPA) has voiced its support for the government’s Measuring What Matters Report, yet believes there needs to be more recognition for SMEs and sustainability.
The Measuring What Matters framework has recently seen some data updates to its 2025 dashboard by the Australian Bureau of Statistics (ABS) since its establishment in 2023.
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Originally, the responsibility for reporting and annual updates laid with the Treasury, yet was passed onto the ABS in 2024 and looks to progress towards a more healthy, secure, sustainable, cohesive, and prosperous Australia – the five underlying themes of the framework.
In the 2025 update, the ABS said four metrics names were changed, derivation methods were slightly changed for two metrics, and the data sources for two metrics were also changed – yet none of these captured or included small businesses and the challenges they continued to face in the regulatory and economic environment.
As the framework is focused on bettering Australia’s prosperity, IPA said small business and sustainability had profound impacts on this and needed to be recognised within the report.
Vicki Stylianou, IPA group executive, advocacy and professional standards, said members of the accounting body consistently highlighted the health of small business, ESG considerations, and inclusivity as critical to Australia’s long-term prosperity.
“Small businesses are drivers of job growth, innovation diffusion, and community connection across Australia. Their health and resilience are fundamental contributors to prosperity and cohesion,” she said.
Another critical point outlined by IPA and its members was the need for recognition of sustainability and climate risk during consultations.
The accounting body linked this to the fact that if the framework was focused on the future and wellbeing of the nation, climate risk and sustainability knowledge were set to be a significant part of that.
“Our members are acutely aware of the impact of climate change. A wellbeing framework must recognise that sustainability underpins every other policy theme. Small businesses exposed to environmental risks cannot thrive without long-term resilience strategies,” Stylianou said.
As the framework already had its five key themes, with inclusivity, equity, and fairness highlighted as “cross-cutting dimensions” of it, IPA suggested that inclusivity should also be seen as a core theme.
This was proposed as it was noted to be often raised by IPA members in terms of the need for systemic changes to accessibility, infrastructure, and education.
Stylianou said education was a key enabler of inclusion, rather than just an economic outcome, meaning for people to fully participate in society, they needed equitable access to education, transport, and opportunity.
Additionally, Stylianou noted that IPA would stand by its commitment to working with Treasury to refine the Measuring What Matters framework to reflect the interdependencies between prosperity, sustainability, and inclusion – “the issues that matter most to IPA members and the small businesses they serve”.
“The IPA welcomes the government’s focus on prosperity, health and cohesion but stresses that wellbeing indicators must be meaningful, measurable, and connected to the day-to-day realities of Australians, particularly small business owners and operators,” she said.
“As accountants and business advisers, our members are concerned with how wellbeing is measured and what constitutes ‘good’.
“Indicators must resonate with the community, draw on international best practice, and reflect the lived experiences of people and small businesses.”
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