The government can seize the opportunity to fill its revenue gap by supporting the growth needs of its most powerful sector, Australian mid-size business. An overlooked economic cornerstone, mid-size businesses are the engine room of the economy driving business confidence in the wake of anticipated revenue shortfall in the latest Mid-Year Economic Fiscal Outlook.
More than 54,000 mid-size businesses contribute a combined annual turnover of $1.1 trillion into the Australian economy; injecting a further $241 billion through wages and salaries by employing more than 3.7 million Australians.
Grant Thornton Australia CEO Greg Keith calls for a Minister for Mid-Size Business to grow Australia’s most promising sector and strongly encourages a Strategic Development Fund.
“As the engine room of our economy, we urge the Turnbull Government to incentivise mid-sized business. It’s time to appoint a Minister dedicated to fostering the growth needs of the sector and in turn boosting revenue growth for the Australian economy.”
“Despite their importance to the economy, mid-size businesses are under-represented in the national debate. A Mid-Sized Business Minister is needed to develop specific incentive schemes to encourage growth and confidence where it will have the greatest impact.”
“In particular we encourage the Turnbull Government to assist mid-sized businesses develop their own strategies to confidently break in to the Asia Pacific market through a Strategic Development Fund. This is an important initiative to encourage mid-size businesses to seek new revenue opportunities.”
“We would also like to see the Government extend some of its small business incentives to the more developed – and more likely to succeed – mid-size businesses, by extending the concessions currently provided only to small companies, such as the reduction in company tax rate to 28.5%, and the immediate write off of new assets up to $20,000. We believe these measures will encourage growth in a crucial sector of the Australian economy.”
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