STARTING a small business in Australia is about to get even simpler, Small Business Minister Michael McCormack says, today releasing the Government’s response to the final report of the Productivity Commission’s inquiry into Business Set-up, Transfer and Closure.
“It all starts with the spark of an idea and the hard work to make that dream a reality,” Mr McCormack said.
“Across Australia, I have been constantly inspired by people who have a go, start a small business and create jobs. That is why the Government wants to help make starting and running a small business even simpler.”
The Government supported the vast majority of the report’s recommendations which were designed to address barriers to business entries and exits to drive efficiency and economic growth.
“The Productivity Commission report says it is simple to start a business in Australia and our rate of start-ups compares favourably by world standards – this is fantastic news,” Mr McCormack said.
“The Government is committed to continuing to work hard on small business’ behalf to keep it simple to pursue their dream. As the economy adapts and changes, the report also provides a reminder on the importance of ongoing reform.
“I want to ensure our approach fits the modern economy and can accommodate disruptive, growth-orientated businesses and encourage risk-taking and innovation”.
Mr McCormack said the Government has already initiated reforms in line with the Productivity Commission’s recommendations.
“The Government understands small business and we have already acted to implement reforms to help the sector grow and create jobs,” Mr McCormack said.
“Our FinTech statement and the response to the Financial System Inquiry highlight some of the work that is already underway.
“These programmes, as well as the Government’s cuts to company tax and our small business policy agenda, show the Turnbull-Joyce Government is the Government for small business.
“We are continuing that work to back Australia’s small businesses to grow, innovate and – most importantly – create more jobs.”
In responding to this Inquiry, the Government is committed to:
- creating the framework for entrepreneurial activity to thrive, including through reducing the stigma of business failure; and
- fostering agile, innovative businesses by eliminating unnecessary regulation and reducing regulatory complexity.
The report is available at the Productivity Commission website.
The full response is available at the Treasury website.
You can find out more about the Government’s small business policies by searching ‘small business’ or visiting the small business webpage.