A series of 14 steps to boost small business has the backing of the Franchise Council of Australia (FCA), which has commended the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) for its plan.
FCA interim CEO Tanya Robertson said “These steps will provide much-needed relief and support to our member businesses, which are the backbone of our economy.”
Robertson highlighted the proposed tap-and-go reform as one that could deliver significant cost-savings to members.
This particular reform would mandate banks and other providers to charge the lowest fee for tap-and-go and have dual-network debit card transactions as the default, saving businesses about $1 billion a year.
FCA backs ASBFEO recommendations
“We are committed to ensuring these recommendations are actioned, and we will be writing to the Australian Banking Association to advocate for immediate implementation of the tap-and-go reforms,” Robertson said.
“These initiatives will not only support our current businesses but also encourage future entrepreneurs to invest in their dreams and contribute to Australia’s economic prosperity.
“Additionally, it is vital to recognise the importance of an ongoing review of the regulatory and legislative framework governing business. Ensuring that the right balance is struck between necessary oversight and allowing businesses the freedom to innovate and grow is essential for the continued health and vibrancy of our economy.
“The FCA will continue to advocate for policies that foster a supportive and dynamic business environment,” Robertson said.
Key recommendations from ASBFEO
ASBFEO Ombudsman, Bruce Billson, has released a full report, Energising Enterprise, on the proposals to positively impact the small business sector.
The 14 recommendations are:
1. Tax discounts for new businesses
Explore a tax discount/offset scheme for new business owners to allow reinvestment of income during the critical first three years.
2. Right-sized regulation
Focus on regulation that helps and supports business owners in meeting their obligations without the resources of big businesses.
3. Business impact statements
Require every Cabinet submission, regulatory impact statement and new policy proposal to include a business impact statement.
4. Prime Minister’s Business Awards
Establish awards to recognise and celebrate excellence and inspire the next generation.
5. Affordable legal alternatives
Create a Federal Small Business and Codes List in the Federal Circuit and Family Court of Australia for affordable and effective dispute resolution.
6. Government contracts access
Simplify rules and practices to give businesses a greater chance to compete for government contracts.
7. Mandatory lowest fee for tap-and-go
Make it mandatory for providers to charge the lowest fee for tap-and-go transactions, significantly reducing costs for businesses.
8. Accessible insurance
Ensure essential insurance for businesses is understandable, accessible and affordable.
9. Ban unfair trading practices
Ban practices that distort competition and harm businesses.
10. Fair Work Commission Division
Create a Small Business Commissioner and Division within the Fair Work Commission to address the specific circumstances of smaller employers.
11. Digital platform dispute resolution
Standardise procedures for timely business dispute resolution with digital platform providers.
12. “Good business pays” recognition
Honour businesses that meet workplace, tax and payment obligations promptly with a recognition and accreditation program.
13. Digital learning and support
Expand digital learning and support focused on business systems, technology deployment and practical uses of generative artificial intelligence.
14. Central resource hub
Develop an accessible central resource hub with actionable information, guidance, programs and assistance for businesses.
