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Budget relief fails to reach nearly a quarter of SMEs

July 14, 2024
in Business
Budget relief fails to reach nearly a quarter of SMEs
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The Federal Government’s 2024-2025 Budget aimed to ease the burden on struggling small businesses.

However, a new survey by Small Business Loans Australia reveals a significant gap between the offered incentives and what many small and medium-sized enterprises (SMEs) actually need. 

While measures like the instant asset write-off and energy relief garnered some support, nearly a quarter (23%) of respondents won’t benefit from any of the initiatives. The survey also sheds light on the preferred alternatives, with tax cuts and wage subsidies topping the list for many SMEs.

The 2024-2025 Federal Budget introduced some relief measures to help small businesses tackle current economic challenges. In an environment of rising costs, weaker demand, labour shortages, and higher interest rates, 7742 companies went into external administration from July 2023 to March 2024 – a 36 per cent rise from the previous year.  

Against this backdrop, Small Business Loans Australia questioned an independent panel of 204 SME business directors and decision makers to gauge which Budget incentives will help them this financial year, listing the extension of the instant asset write off, the Energy Relief Fund, and the Small Business Debt Helpline and free financial counselling services. It also asked respondents what alternative measures they would have liked to see the Government offer. 

How much do SMEs support the Budget? 

Electricity concerns continue to remain a top cost of living issue for households across the country, with electricity prices higher in the quarter from January to March this year compared to last quarter across all regions in Australia1. The survey found that the Energy Bill Relief will help the largest proportion (52%) of businesses. Almost half (49%) of respondents said they will benefit from the instant asset write off.  

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) saw a 20 per cent increase in requests from small businesses struggling to manage their debts in the quarter from January to March this year2. Despite this, the Debt Helpline and financial counselling services received minimal support with only 11 per cent of respondents believing this would assist them.  

A significant 23 per cent will not benefit from any of the Budget measures. Older business owners and decision-makers are least in favour of the Budget. The proportion of over-55s (35%) who don’t support any of the Budget measures is double that of under-55s (16%).  

Across the states and territories, South Australians are overall the most sceptical respondents in the country, with more than half (53%) saying none of the benefits would help them, followed closely by ACT (50%).  

The ACT had the lowest support for the instant asset write-off, with just 17 per cent of respondents saying it would help them. This compares with 56 per cent of WA respondents and 54 per cent of NSW respondents, who are most in favour of the measure.  

South Australian business owners and decision-makers showed the least support of the Energy Bill Relief, at just 27 per cent. NSW respondents showed the highest support, at 72 per cent, followed by Victorian respondents, at 67 per cent.  

Alternative measures that would have helped SMEs 

A drop in the 25 per cent company tax rate garnered the largest support among respondents – at 52 per cent. This support jumped to 65 per cent among over-55-year-old business respondents. 

Financial help such as wage subsidies are the second-most supported measure, with 41 per cent advocating for it to alleviate the pressure to meet minimum wage requirements. The minimum wage in Australia was increased on 1 July this financial year by 3.75%, seeing an increase to $915.90 per week or $24.10 per hour3. 

Respondents were divided on interest rates. Surprisingly, one third (34%) support the Reserve Bank and the Government in fighting inflation by maintaining or increasing the cash rate, while 39 per cent would benefit from reduced interest rates on loans. 

The survey also showed around a quarter (27%) of respondents would like the Government to bring back SME loan guarantees. In 2021 and 2022, the SME Recovery Loan Scheme offered SMEs secured and unsecured loans of up to $5 million, with capped interest rates and extended repayment periods4. 

Alon Rajic, Founder and Managing Director of Small Business Loans Australia, says these figures could indicate that businesses are looking for immediate financial relief from their debts, as opposed to assistance in just managing them. “In the last tax year, nearly half (43%) of small businesses were not profitable5. Business owners need money back in their bank accounts to help alleviate or minimise their debts, not just manage them. This is reflected in our survey, with strong support for measures such as interest rate cuts to business loans and cuts to company tax rates.”  

The full SME budget incentives study can be found here

Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Dynamic Business – https://dynamicbusiness.com/topics/news/budget-relief-fails-to-reach-nearly-a-quarter-of-smes.html

Tags: budgetbusinessRelief
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