19 December 2013

Small business to play crucial role in changing economy

Note

This Media Release announces Government support to Small Businesses

Small business was high on the agenda at the first meeting of the Prime Minister’s Business Advisory Council in Melbourne last night.

I was pleased to participate in the Council’s deliberations and discussed with members the need for a renaissance in enterprise inspired by a more supportive and encouraging business eco-system backed by a Government that respects the crucial role of small business in the creation of wealth and employment opportunities.

Small business and family enterprises were recognised as key drivers of innovation and improved living standards and crucial to our National Industry Investment and Competitiveness Agenda as we look at what the ‘over the horizon’ economy may look like.

It was also very encouraging that the burden of excessive red-tape and its amplified impact on smaller enterprises was highlighted as an impediment to our nation and firms being internationally competitive.

The importance of the Government’s ‘root and branch’ review of competition laws was also recognised as a positive step to improve productivity and the economy as a whole.

It was emphasised that the ability of small business to fully participate in the review and red-tape reduction agenda would depend on the proactive engagement of Government to bring ‘field evidence’ into the policy reform process, as small businesses are often too time poor to make substantial formal submissions.