THE majority of businesses expect to experience a drop in sales revenue and profitability in the next 12 months, a survey from the ACT & Region Chamber of Commerce & Industry has found.
Chamber Chief Executive Officer Andrew Blyth says the survey, of 125 local businesses, found the majority expect the economy to be weaker or much weaker and confirmed there were “tough times” ahead for small business in the ACT.
“The survey found that a majority of respondents believe that both the national economy (50.0 per cent) and ACT economy (65.55 per cent) will be somewhat to much weaker over the next 12 months, resulting in a drop in general business conditions, sales revenue and profitability; and that more funding is needed to support business development in the ACT,” Mr Blyth says.
In particular, respondents are wanting action on penalty rates, unfair dismissal laws, work health and safety regulations, BAS paperwork, complexity of tax laws, payroll tax, an inflexible approach by the ATO, automatic interest payment on late payment of invoices by Government, a more efficient approach to government tenders, and a public service aware of the needs of small business. In addition, the ACT Government is asked to provide additional funding to drive business and industry development and to attract new businesses to Canberra.
“These commitments promise to build a stronger economy; raise productivity and competitiveness; help our business people access global markets; create better functioning institutions; and support small businesses.”
As part of its campaign around the federal election, the chamber will bring the ”Small Business Too Big To Ignore” show to Canberra on Tuesday.