Budget 2022-23: wins for business

At ANZ we spend a lot of time talking with our business banking customers about their needs and pain points. With this in mind, three things stood out for me in the 2022 Federal Budget.

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Firstly, with the unemployment rate close to historical 50-year lows, the labour shortage at all skill levels continues to be a real problem for businesses. Ongoing incentives and support for apprentices and businesses in the Australian Apprenticeships Incentive System, as well as the announcements about broader training and collaboration with universities, are positive. 

"With all of the challenges thrown at businesses… those who weather it better are the ones making smart investments into technology and digital capability.”

Similarly, the announcement of $A56.2 million to assist more women into manufacturing and technology roles is really important as the economy needs to continue to need to tap into the whole workforce. 

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

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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