Australian Budget Reaction

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On Tuesday, the Australian government headed by Prime Minister Anthony Albanese had presented its first ever budget since winning the top post in May. Below are some reactions from several pundits on the matter.

Small business, retail

“As expected, this is a measured, cost-cutting budget and so won’t exacerbate inflationary impacts for business further, which is a good thing. Unfortunately, there was little attention given to small businesses. 
We hope to see more investment into invigorating small businesses, which will have a flow on effect on a slowing economy. We would also like to see more of a strategic focus on analysing and removing red tape wherever possible as these drive further efficiency and productivity dividends in small businesses.
Unfair contract reforms and mental health support and debt counselling services for small businesses are wise measures, but some were already a given. Opening the path for aged and veteran workers to re-enter the workforce is a welcome boost for newsagents and all retailers needing to fill staff gaps amidst skills shortages.
We welcome the grant initiative for small and medium-sized businesses planning to upgrade their energy efficiency with substantially higher energy costs worryingly predicted in the budget, and hope this is the start of new behaviours being reinforced for small businesses.”

Ben Kearney, CEO, the Australian Lottery and Newsagents Association

Bio:

Ben Kearney is the CEO of the Australian Lottery and Newsagents Association (ALNA), the peak national industry body for Australia’s newsagents and lottery agents. Representing a significant part of the Australian economy, ALNA advocates for the largest non-franchised family-owned business sector in Australia. 

Small business, retail, innovation 

“Running a business in both the UK and Australia, the positive is that this wasn’t a Liz Truss disaster. It was a sensible first hand played. I’m not a mathematician but forecasting $50 billion annual debt with low unemployment and record commodity prices seems an obvious signal we need structural reform. There was no signal of structural form tonight but I think they’re building toward it in the next budget or next election. Without it, we’re f*cked.
Finding available childcare in Australia is bloody hard, and managing to afford it is equally as hard. Accessible childcare is key to a growing economy through a productive workforce. Urgent reform is needed to affordable, accessible childcare, and increasing the Child Care Subsidy rates is an important start. 
We were hopeful to see support for manufacturers and exporters with boosting areas that grow the economy like the Export Market & Development Grants (EMDG), but this didn’t make it this Budget – and hopefully it makes it to the May 23 Federal Budget. As the largest swimwear manufacturer in Australia, we have seen first hand the impact this would have on the overall economy.
Everyone agrees the tax system needs reform and most agree on how to reform it. But we are yet to see it. This must be a priority for this government.”

Adam Linforth, Chief Smuggler, Budgy Smuggler

Bio: 

Adam Linforth is owner and ‘chief smuggler’ at Aussie swimwear favourite, Budgy Smuggler, the brand that brought smuggling back to Australia’s beaches. Budgy Smuggler is a swim and clothing brand founded in Manly, Australia with all swimwear 100 per cent Australian-made. Adam established Budgy Smuggler UK in 2017 and spent four years growing the brand in UK and Europe which now represents 25 per cent of all Budgy Smuggler sales, globally. He plans to move to France in 2023 to establish a French Budgy Smuggler entity.

Women in business, founders

“The budget appears to have many issues left on the table: especially for women in business.”“Superannuation payments on PPL would barely make a dent on the budget, but it would go a long way in meeting women’s superannuation gap, often at a third of mens superannuation balances by the time of retirement. This issue was addressed heavily in March of this year, yet left untouched in last night’s announcement.”
Why does it seem like women keep missing out? Watching the budget I was encouraged to see support in funding for violence against women initiatives, families and childcare. I earnestly waited for announcements of support for key areas in which women need additional investment: leadership, STEM and entrepreneurship, but towards the end of the speech it dawned on me: “There is nothing coming for us.”
The ‘why’ of these support measures can be quantified in numbers: Women make up less than 35 percent of key management personnel according to WGEA, despite being 50 percent of the population. Women earn less than three per cent of the world’s VC capital, and Australia’s VC opportunities are slimmer still, compared to the VC global appetite.”
Women in business appear to have moved off the back of tonight’s budget, from being an afterthought to being forgotten altogether. We welcome support for families, but news flash, 2022 Labor Government: not all parents are mothers. Not all women want to be mothers. As voting citizens, they need budgetary support too.”

Shivani Gopal, founder at ELLADEX 

Cheaper child care, and more paid parental leave: 

“The budget appears to have many issues left on the table: especially for women in business.
Superannuation payments on PPL would barely make a dent on the budget, but it would go a long way in meeting women’s superannuation gap, often at a third of mens superannuation balances by the time of retirement. This issue was addressed heavily in March of this year, yet left untouched in last night’s announcement.”
Why does it seem like women keep missing out? Watching the budget I was encouraged to see support in funding for violence against women initiatives, families and childcare. I earnestly waited for announcements of support for key areas in which women need additional investment: leadership, STEM and entrepreneurship, but towards the end of the speech it dawned on me – there is nothing coming for us.
The ‘why’ of these support measures can be quantified in numbers: Women make up less than 35 percent of key management personnel according to WGEA, despite being 50 percent of the population. Women earn less than three per cent of the world’s VC capital, and Australia’s VC opportunities are slimmer still, compared to the VC global appetite.”
Women in business appear to have moved off the back of tonight’s budget, from being an afterthought to being forgotten altogether. We welcome support for families, but news flash, 2022 Labor Government: not all parents are mothers. Not all women want to be mothers. As voting citizens, they need budgetary support too.”

Shivani Gopal, founder at ELLADEX 

Bio:

Shivani Gopal has over 15 years of experience in the financial, professional and gender equality space. She is the founder & CEO of ELLADEX (previously known as The Remarkable Woman), a tech-based mentor marketplace that plays host to both mentors and mentees to provide crucial education, networking and mentoring opportunities that are necessary to all professional women today. Shivani has won the Top 50 Small Business Leaders award, holds an MBA and a Masters in Commerce, and is recognised as a business thought leader, helping women navigate through their careers, businesses and financial success. Shivani is a regular thought leader on national media streams such as the Today Show, The Drum, Sky News, Your Money Live, The Daily Edition, ABC News and others.

Cybersecurity

“How many breaches need to occur before the government realises the seriousness of cybersecurity? Penalties are not a deterrent for these breaches if there is a lack of standards and knowledge that leads to these insufficient practices in the first place. 
$12.6 million over four years to protect 10’s of millions of consumers, is a joke. How is that going to make a dent? That funding is to combat scams and online fraud, with the bulk going towards a National Anti-Scam Centre. This won’t go far, which is a missed opportunity. Because consumer education is an area that must be further addressed, as most cyber attacks and breaches are the result of human error. Appropriate funding for digital safety and education is needed to ensure everyone who uses a device has a basic understanding of cyber-hygiene principles. 
With Australians’ data at risk, there needs to be a look at the bigger picture here, not haphazard funding for government departments and increased penalties for corporations.
Harsher fines are not the answer. Instead the government should be helping to protect consumers data by enforcing businesses to invest in a minimum level of cybersecurity. This could be either tax deductible or come with a rebate for any organisation that is dealing directly or indirectly with consumer data.  
This needs to extend to all third-party vendors who provide services to businesses dealing with customers. This would be the first step in ensuring that the ecosystem is not operated under a set and forget model and that ongoing investment is undertaken to protect businesses and their customers. 
A fast and responsive work visa process along with incentivising and increasing training and certification opportunities for people to reskill and move into cybersecurity would help to address the skills gap.” 

Ajay Unni, CEO, StickmanCyber

Bio:

Ajay Unni has over 30+ years’ IT industry experience, with over 15 years as a cybersecurity specialist. He is the founder of StickmanCyber, a business that helps companies mitigate their cybersecurity risks. He has been part of the NSW Government’s Cyber Security Task Force.

Startups, tech, property

“The government got young people into this housing crisis mess, and I don’t think they’re the ones to get them out of it. I would question whether government underwriting of such schemes is in effect investing tax dollars in an already overheated market, with very little opportunity of recouping investments, let alone making a return.
Any market where the government steps in to provide a backstop using free capital or subsidies to incentivise growth, ends up creating even worse inflationary bubbles. 
Continuing to juice the market is not the right call. Only free market innovation can solve the problem and the government should stick to protecting people through social security.
Only private companies have the drive and agility to have a meaningful impact, but they can’t or won’t do it if they have to compete with artificial markets created by the government.”

Dean Arnold, founder, PublicSquare

Bio:

Dean Arnold is the founder and CEO of PublicSquare, a first-mover fintech company in the rent-to-buy real estate space. 
Arnold is not only experienced in SaaS development, scaling, and financial modelling, but holds a real estate licence as well.
He founded PublicSquare to give more Australians a realistic chance at owning their own property in a way that is achievable and as stress free as possible. 

Renewable energy

“The Government budget announcements on renewable energy investment are welcomed. They are targeted in areas that will definitely accelerate energy transition and do seem to represent the pragmatic approach the government is advocating for. 
Installing batteries in remote communities is a good investment as it reduces the high cost of the 1000s of km of poles and wires network throughout regional Australia. The government also recognises that renters and those who cannot get solar are missing out on the cheaper energy that solar can provide. 
The proposed community battery banks is an interesting strategy but with so many stakeholders involved the devil will be in the detail of how it all works and which will ultimately decide the actual benefit that flows to the community.
The commitment to help 25,000 households who are unable to install rooftop solar is only a drop in the bucket and will no doubt disappoint many who are stuck in rental accommodation. We will be talking to the government on how there are other ways to assist renters and those in apartments with scalable and decentralised technology. This emergent technology will enable many young people that cannot get solar panels to still play an active role in reducing their energy costs, reducing co2 emissions and accelerating renewable energy transition.
The federal government’s investments that will reduce reliance on fossil fuel will take time to bear fruit, but they certainly will reduce energy costs in time.”

Aaron Hilton, CEO and founder, PowerPlay

Bio:

Aaron Hilton is the founder and CEO of PowerPlay. He’s on a mission to encourage greater use of renewable energy and is doing this with PowerPlay – a gamified Web3 electricity usage platform that rewards consumers with crypto tokens ($REMI) based on how they use energy.
Aaron Hilton has more than 11 years of experience in the renewable energy sector having previously held senior roles at GEM Energy, SunEdison Australia and more. He has a proven ability to lead and innovate in this highly competitive and fast moving space. 

EVs, small business

“We’re pleased to see increasing electric vehicle adoption being given a place in the Federal Budget, but the Motor Traders Association of NSW (MTA NSW) warns there is still a lot to do if mass adoption is to become a reality. Merely cutting the price of some EVs is not going to see Australia catch up with countries leading the EV adoption charge. 
NSW and Australia’s road infrastructure as well as maintenance and supply systems are in need of significant improvements and updates.  
Specialist training in electric car and battery maintenance for mechanics is critical to avoid workplace safety dangers and driver risks. In other words, the vehicles that the government is incentivising the purchase of, will need specialised maintenance that involves working with electricity – and that requires new equipment and careful training. Otherwise they are putting the electric cart before the horse! This training needs to be rolled out quickly and efficiently in a manner that is hands on for the mechanics with state-of-the-art equipment to keep up with the rapid pace of development witnessed in EVs.
The Treasurer has announced a ‘fiscally sensible budget’ focused on setting the country up through difficult times ahead, however this budget does not address the major issues in the automotive sector, such as skills shortages, training and infrastructure to meet the government’s own targets on transitioning to EV.”
Small businesses within the motor trading industry continue to struggle to find skilled workers and our data shows that there is currently a deficit of over 30 000 skilled professionals nationally. 
“While the Federal Government has increased the skilled migration cap, it has not taken into account the rollout of electric vehicles and how this will further exacerbate the current skills shortage within our industry as we face the biggest transition period in our history. To service and repair EVs will require additional qualified professionals and an upskilling of the current workforce to safely and effectively undertake this work.”

Stavros Yallouridis, CEO, Motor Traders’ Association NSW

Bio:

Stavros Yallouridis is the CEO of  the Motor Traders’​ Association of New South Wales, one of Australia’s largest industry associations. Dedicated to representing owners and businesses in the New South Wales automotive industry, MTA NSW represents more than 3000 business owners across 28 motor professions and spanning an employment base of over 30,000. The MTA is focused on keeping Australia moving, and training for the future.

Mental Health

“Applying funding to the same cookie-cutter processes and programs, and expecting a different outcome is naive. Our recent research into the state of wellbeing for Australia workers revealed that almost one-third of workers don’t feel comfortable talking about mental health (31.9 per cent) or accessing mental health programs (33.1 per cent) at work, but significantly more workers feel comfortable talking about wellbeing (76.2 per cent) and accessing wellbeing programs (73.5 per cent). The survey found Employee Assistance Programs were only slightly better than doing nothing when it came to supporting their wellbeing. Workplaces can make a tiny but mighty change in their workplace wellbeing investments by prioritising wellbeing apps, workshops, and coaching, which workplaces are investing in far less frequently.”
While it is always encouraging to see government funding mental health support coaching for small business owners, this is an investment that only supports a small percentage of people, when what is needed now are tools and services that support the wellbeing of all business owners.
The data gathered in our Wellbeing and Leadership research clearly shows that when it comes to caring for wellbeing these kinds of mental health coaching services are only slightly better than doing nothing. Whereas wellbeing coaching, wellbeing workshops, wellbeing apps and even wellbeing AI bots are all significantly more effective at improving the ability and motivation for leaders to care for their mental health and wellbeing.”
Not only would a more diverse investment of taxpayer funds be more responsible for Australian small business owners, but it would also have a better impact on their workers. Given the highly contagious nature of wellbeing, the data clearly shows that when leaders have higher levels of wellbeing it is more likely their workers will also.”
We applaud the federal government’s decision to be more focused on Australians’ well-being, but this money and the measurement of its impact needs to be more intelligent given all researchers have learned over the last decade.”

Dr Michelle McQuaid (MAPP), Founder at Michelle McQuaid Group

Bio: Michelle is a best-selling author, wellbeing teacher and playful change activist who is passionate about translating research from neuroscience into practical strategies that build thriving workplaces, schools, communities and generally healthier lives. 

“Given the devastating impact of COVID-19, multiple natural disasters, increasing levels of mental ill-health and unprecedented demand, we are dismayed about the lack of investment in mental health care.  
“We were told: “by protecting and strengthening Medicare we ensure no one is left behind’. The fact is mental health care has well and truly been left on the side of the road. We can only assume that the Labor government will be making more announcements soon.
“We are deeply disappointed that an extension of the additional 10 psychology sessions, due to expire at the end of December, was not announced.
“We are looking forward to a more positive announcement and investment in psychology and allied health at the conclusion of the Better Access Evaluation and Strengthening Medicare Taskforce.
“And we welcome an ‘all of government well-being’ approach that looks at all aspects of government policy and funding and how this impacts health and well-being, however, we cannot ignore the millions of Australians who need more affordable and accessible mental health care today.”

Tegan Carrison, Executive Director of the Australian Association of Psychologists

Bio:

Tegan Carrison is the Executive Director of the Australian Association of Psychologists Inc (AAPi), a peak body for psychologists. Tegan has spent nearly 20 years in public health promotion.

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