Secondly, with all of the challenges thrown at businesses over the past few years, the consistent observation is those who weather it better are the ones making smart investments into their technology and digital capability. The announcement of the Technology Investment Boost with bonus deductions on eligible expenses for small businesses with an annual turnover of less than $A50 million will be a great help. This will support businesses to invest in things like online sales platforms and Cloud computing. In the agribusiness sector it will help with digital tracking for livestock.
We're also seeing an increasing rate of cyber attacks which can really cripple a small business so support to continue investing in cybersecurity upgrades is really important for businesses to stay protected.
Finally, running and growing a small business is all about maximising cashflow. The temporary fuel excise relief is great news - in practical terms, a business filling up tanks for a fleet of 10 diesel utes should save around $A200 at the bowser.
Another positive is the flexibility in the Pay As You Go (PAYG) instalments - a good way for businesses to work with their tax advisors to maximise that benefit for growth in the business.
Jenefer Stewart is General Manager for Business Banking at ANZ