Business Package welcomed

The Australian Chamber of Commerce and Industry (ACCI), which represents around 280,000 Australian small businesses, has welcomed the package of small business initiatives announced by the Australian Government on 24 October, to deal with the short-term implications of the global financial crisis.

Chief Executive Officer, Peter Anderson said, “Support and advice mechanisms for small business, the guarantee of on-time payments by the Commonwealth, and arrangements to help small business access government procurement, are all constructive initiatives.”

Allowing the Australian Taxation Office more flexibility in dealing with small business tax obligations is also a practical response.

With high interest rates, tightening credit, rising inflation and wavering confidence, small business has endured a tough trading environment in 2008. These packages, along with recent interest rate cuts will help businesses under pressure.

“Small business needs a restoration of confidence, easing of credit restrictions and further interest rate cuts over coming months to ensure more sustainable trading conditions in 2009,” said Mr Anderson.

Mr Anderson said that ACCI will continue to pursue a medium to longer term agenda of reducing personal and capital gains taxes as well as continuing the national productivity reform agenda to increase confidence and demand, and further reduce the costs of doing business.

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