Recommendations to help Australia's small businesses

Australia's Institute of Public Accounts releases a white paper containing recommendations on how the government can increase support for small businesses.

The Australian Small Business White Paper, released by the Institute of Public Accountants, contains a number of recommendations for the Australian government to support businesses in the country.

The paper is the result of 18 months of research with Deakin University. It highlights, for example, that Australia is currently one of only a few developed countries not offering a government-backed loan guarantee to businesses.

The paper concludes that Australian consumer law needs to be changed so that small businesses are better able to compete against larger ones.

Andrew Conway, chief executive of the Institute of Public Accountants, said: “Australia faces a looming economic crisis; our mining boom decades are over. Unless we can significantly boost business productivity in other areas, Australia will encounter a real prospect of a sustained fall in living standards.”

The paper suggests that the government of Australia creates a venture capital fund that is joint supported by the public and the government to provide startups with more access to funding. It also suggests a pilot scheme to enable the government to work with and use its funds in conjunction with private venture capital firms solely to support small and medium sized businesses.

The white paper can be read in full on the Institute of Public Accountants website.

See more from this Government Report: Australia

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