By Aaron Violi
When small businesses thrive, our community thrives.
Whether it’s a sign hanging on the fence of a local sporting ground or sponsoring our local events – small businesses are always giving back.
They contribute to something bigger than themselves through supporting their communities and striving for a stronger, more connected region.
But as I speak to local small and family business owners in our community, many are struggling to stay afloat.
They are facing a perfect storm of skyrocketing power bills, higher loan repayments, increased rents, near-impossible insurance premiums and fewer young apprentices and trainees coming through – among other challenges.
Disappointingly, the latest ASIC insolvency data shows Australia’s economy is getting worse, not better.
Labor has broken its own record to deliver the highest number of insolvencies in a single month on record – with 1364 Aussie businesses going under in October 2024.
In our community, up to 39 local construction businesses entered external administration between 1 July 2023 and 14 March 2024.
This is a huge loss for our region which is home to the highest number of tradies in building and construction in the nation.
To add to the concern, since Labor took office Australia has 85,000 fewer apprentices – a loss of one in five.
The business closure figures are even more startling across the state, with 3013 Victorian companies entering administration or liquidation in the 2023-24 financial year.
Labor’s economic mismanagement is putting pressure on business budgets and forcing local shop owners to make tough decisions.
They are doing everything they can to balance the budget and keep locals employed.
The burden on small business owners has only increased in the last two and a half years despite Labor’s promises to reduce red tape.
The operating environment is stuck in decline while concerns rise about regulation, increased costs and slowing demand.
The Coalition is the party that understands small business.
We will get small business growth back on track by winding back excessive government intervention.
The Coalition is committed to expanding the Instant Asset Write-Off to assets valued at up to 30,000 indefinitely to provide certainty for small business.
This will simplify depreciation for millions of small businesses by cutting red tape, boosting investment in productive assets and lowering business costs.
Through giving local businesses an incentive to invest, we will create stronger local businesses, which will lead to a stronger local community.
