New Prime Minister will affect small business
The surprise election of Scott Morrison today will be viewed carefully by small businesses. Traditionally, the Liberal government has championed small business, but lately we have seen a rise in red tape and costs explode in small business.
Electricity costs have risen, especially in the southern states and the ATO compliance has increase with audits and Single Touch Payroll.
Many small business are at breaking point. Against this, the economy has generated a million jobs but strangely the money supply is low – almost at recession levels. This has the treasury baffled.
Business owners will be hoping the new Prime Minister can focus on small business and get relief on red tape and power, as well as industrial relation laws.
If this doesn’t happen then small business may well move to a 'Shorten' Labour Government.
As the election will be close we hope both parties get their act together.