New NAB report suggests policies to help ease burden on small businesses
Small businesses in Australia continue to face mounting challenges, with issues like regulatory red tape, staffing difficulties, and cybersecurity threats among the biggest obstacles, according to a new report from NAB.
The report, titled “Backing Our Businesses: Unlocking Growth for Small and Medium Enterprises,” outlines the primary concerns cited by small business owners and NAB bankers.
In addition to red tape and staffing issues, business owners identified limited access to capital, supply chain disruptions, and the need for digital transformation, including artificial intelligence, as significant roadblocks.
“These are not new challenges for Australian businesses, but they need new thinking to address them,” said NAB Group chief executive Andrew Irvine. “Businesses, banks, governments, and industry groups all need to work together to unlock productivity, jobs, and economic growth.”
The NAB report also makes several policy recommendations to help ease the burden on small businesses.
NAB Group executive for business and private banking Rachel Slade (pictured above), highlighted key suggestions such as government assistance for small businesses hiring their first employee, a national review of regulatory compliance requirements, and reducing cost barriers for accessing cyber security tools.
“Small businesses are the heartbeat of our economy, but complexity has added up over time, and they’re finding it harder to drive growth,” said Slade. “As Australia’s leading business bank, we need to back businesses and help find a way forward. Small businesses can’t do this on their own – nor should they have to.”
Among the small business owners feeling the strain is Deniz Karaca (pictured below left), owner of Cuvee Chocolate, who has been grappling with supply chain issues due to a global cocoa bean shortage.
“We rely on third-party suppliers for cocoa butter, and with the shortage, it’s nearly impossible to buy it – and when we do, prices are soaring,” he said.
To maintain his operations, Karaca invested over $100,000 in a cocoa butter press, an expense he noted is out of reach for many small businesses.
“The last few years have only made things harder for small businesses,” Karaca said. “We’re facing increased difficulties, more red tape, and higher costs than ever before.”
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