Business Finance
AUSTRALIAN BUDGET 2023: Flexing the arm of government
The Australian Federal government has dealt itself in for another round of fiscal policy but the game is about to get even more exciting.
Australian Budget 2023: the view from main street
10 May 2023
Productivity boosting tech and digital support helping small and medium sized businesses are appealing to ANZ business customers.
But speaking with our customers on budget night, others remain fearful of the nation’s inflation and supply chain problems, noting these fall “outside of the purview of the government” and this year’s budget.
I chatted to many of our clients at a customer dinner soon after Treasurer Jim Chalmers announced the 2022-23 numbers and forecasts, which included getting back to surplus to the tune of $A4.2 billion.
Owners of small to medium-sized business told me they were excited by the prospect of digital support to lift their digital and technology adoption and capabilities. But they want to learn more about “the devil in the detail”.
Additional investment in tertiary education to help battle the skills shortage was also popular with business leaders who say they continue to struggle to find appropriately skilled workers.
Have a look at our video for more of their thoughts and insights but here’s a few comments:
Kathy Childs, Managing Director, Corporate Keys:
“They mentioned a bit about the Tafe and free Tafe placements, (I am) interested to find out whether or not that applies to the tourism and hospitality sector. Previously, it hasn't been one of the critical sectors listed for that, but that would be a great advantage in the basis that it's very, very short in the hospitality sector of skilled workers.
“It's a terrible problem. We need people to be encouraged to look at the hospitality sector in terms of a long-term career choice and having some free placements may assist with that as well.”
Rick Campbell, CEO of Campbell & Partners Consulting: “Pressures such as inflation are building for business, despite Federal Government efforts to bolster the economy. Certainly, from our business within the Australian marketplace, the greater challenges that we have relative to inflationary pressures definitely play a part in the business world in which we operate, as do supply chain issues.
“And unfortunately, I think by and large supply chain is something that falls outside of the purview of the government because so much of what we provide is shipping from other countries.”
Also popular was the big focus on renewable energy and the transition away from fossil fuels as well as a scaled back version of the instant asset write off.
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