Survey lists top concerns of Australia's small business owners ahead of federal election
A vast majority (84%) of small business owners identify costs of living and inflation as the key issue that will shape their voting preferences, a recent survey conducted by OnDeck Australia has revealed.
More than half of business owners also highlighted energy prices (54%) and the level of government support for small businesses (52%) as major influences on their vote.
Other issues flagged in the survey included interest rates (44%), government spending and national debt (33%), and immigration policies (31%). Personal and household matters, such as healthcare (55%) and housing affordability (54%), also play a significant role in political preferences among business owners.
“Australia’s 2.5 million small businesses form a significant voting bloc,” said Cameron Poolman (pictured above), chief executive of small business lender OnDeck Australia. “The concerns of our most entrepreneurial Australians cannot be ignored by either side of politics.”
The research also asked participants what specific policies they want addressed. Sixty-one percent pointed to rising operational costs — particularly energy — as the biggest challenge. A similar number (60%) called for lower tax rates, while 51% want interest rate cuts. About one-third of respondents expressed support for expanding the instant asset write-off scheme.
“The Labor government is extending energy bill relief for six months to the end of 2025, which is expected to see around 1 million eligible small businesses receive up to $150 in rebates directly off their bills,” Poolman said. “However, $150 is a drop in the ocean at a time when energy costs are already high – and expected to rise by between 4.2% and 8.2% for many small businesses.”
Data from Next Business Energy indicates that electricity costs vary widely depending on the type of business. For instance, small retail stores typically spend between $5,000 and $10,000 annually, cafés and restaurants between $10,000 and $15,000, and manufacturers between $15,000 and $20,000.
When it comes to tax relief, Poolman acknowledged concerns around inflation but emphasised the importance of investment incentives.
“We understand that tax cuts could have an inflationary impact that may just push interest rates higher,” he said. “But we agree with one in three small business owners who would like to see an expansion of the instant asset write-off.”
Under the current arrangement, businesses with annual turnover under $10 million can claim an immediate deduction for asset purchases up to $20,000. The Labor government has pledged to extend this scheme through to June 2026 if re-elected, while the opposition is proposing to raise the threshold to $30,000 and make the write-off permanent.
With the election nearing, OnDeck urged policymakers to better recognise the role of small businesses in the economy.
“We know that 98% of Australian businesses are small businesses, and together they employ over five million people – about 42% of the private sector workforce,” Poolman said. “Any government who overlooks the small business community at election time does so at their own peril.”
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