VECCI Small Business Taskforce Report...awards.This would allow employees and employers to decide...
Transcript of VECCI Small Business Taskforce Report...awards.This would allow employees and employers to decide...
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Small business. Big opportunities.
VECCI Small Business Taskforce Report
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Jobs
> Enablesmallbusinessestoemploymorepeoplebyreformingpenaltypayratestructuresforsmallbusinessemployers.
> Simplifyexistingworkplacerelationslegislationapplyingtosmallbusiness,includingthecontentofmodernawards.
> Include‘minimumengagement’asanawardmatterthatcanbevariedundertheindividualflexibilityarrangements(IFA)inallawards.
Skills
> Offersmallbusinessaone-yearholidayfrompayrolltaxforeachnewemploymentplacementofayoungpersonbetweentheagesof15to25engagedintheirfirstfulltimejob.
> Reintroducepayrolltaxexemptionsforeligiblenewtraineesandapprentices,ascurrentlyexistinNSW,QLDandWA.
> Redirect$20millionofVictorianTrainingGuaranteefundingtoboostapprenticeships/traineeshipsinhospitality,businessadministration,retailandtourism.
Costs
> Raisethepayrolltaxfreethresholdfrom$550,000to$850,000.Donotintroduceanynewtaxesorincreaseexistingtaxesonsmallbusiness.
> CommittotheprogressivereductioninWorkCoverpremiums.
> Reviewandrationalisethenumberofbusinessregulators.ReinstatetheOfficeoftheRedTapeCommissionerandstrengthentheCommissioner’senforcementpowers.
Exports
> Commit$75millioninfundingtosecureVictoria’sInternationalEngagementStrategyforafurtherfouryears,withprioritygiventofacilitatingSMEexports.
> DevelopastrategytoactivelyleverageopportunitiescreatedbyFreeTradeAgreementsandassistVictorianSMEstotakeadvantageofthese.
> CommittoanddeliverfreighttransportinfrastructureupgradesinregionalVictoriatoenablesmallbusinesses,particularlyinagricultureandmanufacturing,toleverageexportopportunitiesandreducecosts.
VECCI’s small business priorities and what governments must do to keep small business competitive
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Innovation
> Reducethecompanytaxrateto10percentonSMEprofitsearnedfromtheirpatentsdevelopedinAustralia.
> Aimfora30percentincreaseinscience,technology,engineeringandmaths(STEM)graduatesoverthenextdecade.
> ExpandtheVictorianGovernment’sInnovationVoucherProgramtosupportICTbasedR&DactivitiesthathelpSMEservicesectorbusinessesdevelopnewandinnovativevalueofferings.
Finance
> Providetailoredtrainingforsmallbusinessonhowtoproducestrongercreditapplications.
> Implementtheextensionofunfaircontracttermprotectionstosmallbusiness,asproposedbytheCommonwealthGovernment.
> Consolidateexistingfederal,stateandlocalgovernmentinformationonavailablesmallbusinessgrantsandfinancialsupportunderasingleelectronicpointofentry.
Procurement
> Requiregovernmentstopublishhowsuccessfuleachmajordepartmentandagencyisatmeetingthefairpaymentprovisionforsmallbusinesses.
Automaticallyaddlatepaymentfeestoinvoicesnotpaidontime,removingtheonusonsmallbusinesstoinvokepenaltypaymentclauses.
> EncouragegreateropportunitiesforregionalsmallbusinessesbyencouragingVIPPPlanstooutlinethelevelofvalue-addactivitiesthatwillbesourcedfromregionalareas.
> Forallgovernmentprocurementthatisnotrequiredtogotoopentender,requireatleastonequotetobesoughtfromasmall-to-mediumsizedenterprise.
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Introduction 5
Helpsmallbusinessesemploymorepeoplebyaddressingcriticalworkplacerelationsconstraints 8
Addresssmallbusinessskillsrequirements 12
Lowersmallbusinessdirectandindirectcosts 17
Getmoresmallbusinessesintoexporting 22
Encouragesmallbusinessinnovation 27
Improvesmallbusinessaccesstocompetitivelypricedfinance 32
Supportsmallbusinessaccesstogovernmentpurchasing 36
VECCI’sSmallBusinessPolicyTaskforce 39
Table of Contents
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Smallbusinessisimportantbusiness.Thoughtheymaybesmallinsize,smallbusinessesarebigonideas,entrepreneurshipandinnovation.Takentogether,theyaremajoremployersandkeydriversofeconomicactivity,investmentandtrade.
Smallbusinessesarenotjustbigbusinessesonasmallerscale.Thenatureoftheiroperationsandthewaytheyinteractwithgovernments,consumersandotherbusinessesmeanstheyfaceuniquechallengesingrowingtheiroperationsandworkforces.
Thesechallengesneedtobeunderstoodbygovernmentsatalllevels.
AsVictoria’slargestandmostinfluentialbusinessorganisationrepresentingthe
interestsofsmallbusinessacrossthestate,VECCIhasidentifiedsevenpriorityareasgovernmentsmustfocusontoensuresmallbusinessisevenmoreproductiveandcompetitive:
1. Jobs–addressingcriticalworkplacerelationsconstraintsthatpreventsmallbusinessesfromemployingmorepeople.
2. Skills–addressingsmallbusinessskillsrequirements.
3. Costs–loweringsmallbusinessdirectandindirectcosts.
4. Exports–gettingmoresmallbusinessesintoexporting.
5. Innovation–encouragingsmallbusinessinnovation.
6. Finance–improvingsmallbusinessaccesstocompetitivelypricedfinance.
7. Procurement–improvingsmallbusinessaccesstogovernmentpurchasing.
TheseprioritiesandtheirrecommendationsweredevelopedbysmallbusinessthroughtheworkofVECCI’sSmallBusinessPolicyTaskforce.
ItakethisopportunitytothankTaskforcememberswhosharedtheirtime,expertiseandexperienceincomingtogethertoidentifyissues,opportunitiesandideasthatwilldrivesmallbusinessgrowthandsuccessin2015andbeyond.
We seek a commitment from governments to make small business a priority by taking up the recommendations contained in our agenda. Doing so will give small business the best chance to grow their workforces, continue to innovate and achieve further success at home and abroad.
Introduction
Mark Stone VECCIChiefExecutive
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A key starting point for policy makers is to determine an agreed, clear and consistently used definition of ‘small business’.
Asthetablebelowshows,thereisnoconsistentlyusedorprecisedefinitionofasmallbusiness.
Commondefinitionscategorisebusinessesbasedon:theirnumberofemployees,asusedbyFairWorkAustralia(FWA)andinmostsurveysofsmallbusinesses(ABS);orannualrevenue,asusedbytheAustralianTaxationOffice(ATO).
Metric threShold inStitution PurPoSe
Employees <15 FWA UnfairDismissallaws
<20 ABS Businesssurveys
ACCIandSensis Businesssurveys
RBA Businessliaison
<50 ASIC Annualfinancialreports
LegalStructure Unincorporated RBA Analysisoffinancialconditions
Revenue <$2million ATO Taxation
<$50million APRA Prudentialsupervision
Individualloansize <$1million APRA Prudentialsupervision
<$2million RBA Analysisoffinancialconditions
Source:ReserveBankofAustralia,QueenslandChamberofCommerce&Industry.
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Small businesses are different to larger businesses.
98% of Victorian businesses are small.
Smallbusinesses:
> Canbedisproportionatelyaffectedbythecostsofregulatorydecisionsandunnecessaryredtape.
> Havefewerresources–beittime,information,moneyorstaff–attheirdisposaltocopewiththeirregulatoryobligations.
> Areverydiverseandcutacrossallsectorsoftheeconomy,upanddownthesupplychain.
Source:ABS,CountsofAustralianBusinesses,IncludingEntriesandExits,8165.0,June2014
Non-employing328,452
1–19employees196,897
20–199employees12,479
200+employees939
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Help small businesses employ more people by addressing critical
workplace relations constraints
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Intoday’seconomy,smallbusinessneedsmoreflexibilitytoadjusttheirlaboursupplyandproductivitytocompeteinglobalsupplychains.Firmsoperatinginkeyserviceindustrieslikeretail,tourismandhospitalitymustbeabletorespondtopeaksandtroughsindemand.
Inflexibleworkplacerelationsrules,whichoperateona‘onesizefitsall’basisora9amto5pm,MondaytoFridayparadigm,donotreflecttheevolutionofbusinessandspecificneedsoffirmsoperatingintheservicessector.TheydonotreflecttheneedsandcapacitiesofthemajorityofAustralianemployers,includingsmallbusiness.
Theyalsodonotreflectthediverseneedsandpreferencesofjobseekersandemployeeswhoalsorequiremoreflexibilityinnotonlythetypeofwork,butthehoursofwork.
Itisvitalthatpolicy-makersunderstandthatgoodlabourregulationmustworkacrossarangeofdiversebusinessarrangementsandeconomiccircumstances.
Inflexiblelabourrulesdonotallowfirmstostructuretheirbusinessoperationsinthemostefficientandproductivemanner.Suchrulesaddtocostandeconomicinefficiency,andcontributetoless-than-optimumperformanceofthelabourmarketandtheeconomy.
WithoutmajorreformoftheFairWorkAct2009;bothinitsoperationandinterpretation,thesystemwillcontinuetoactasadampeneronthecapacityoffirmstoexpandandcreateemploymentopportunities.
VECCIconsiderskeyaspectsoftheworkplacerelationssystemmustbesubjecttourgentreformifAustraliaistomaintainworkplaceflexibility,increaseproductivity,growemploymentandharnesstheopportunitiespresentedintheAsianCentury.
Recognisingthattheoperationofthenationalworkplacerelationssystemisgovernedbyfederallaws,ourreformrecommendationsinthissectionareprincipallydirectedattheCommonwealthGovernment.
Business competitiveness in the modern, global marketplace requires a high level of labour market adaptability and flexibility.
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> Enablesmallbusinessestoemploymorepeoplebyreformingpenaltypayratestructuresforsmallbusinessemployers.Byincreasingdirectbusinesscosts,penaltyrateshaveasignificantnegativeeffectonbusinessemploymentandturnover.Penaltyratescanbe100percentofnormalratesonSundaysand150percentonpublicholidays.
> Asanalternative,introduceflexibleweekendpenaltyrates,wherebycurrentpenaltyratespaidonSaturdaysandSundayswouldinsteadbepaidonanysixthorseventhdayoftheweekworkedbyanemployee.
ThischangerecognisesthefactthatweliveinamoreflexiblesocietywherethepreferreddaysofrestarenolongernecessarilySaturdayorSunday.Thischangewouldretaincurrentpenaltyratesandcontinuetoprovideaweekendguaranteeforeachemployee(asanemployerwouldhavetopaypenaltyratestoanemployeewhoworkssixorsevendaysperweek),whilegivingbusinessestheflexibilitytostructuretheiremploymentarrangementssuchthattheycanopenonSaturdaysandSundayswithoutincurringpenaltyrates.
> Changethedefinitionof“smallbusinessemployer”intheFairWorkAct2009toreferto“fewerthan20FullTimeEquivalent(FTE)employees”ratherthan15asiscurrentlythecase.Thiswillexpandthecoverageoftheclausesrelatingtominimumengagementperiod(s383),SmallBusinessFairDismissalCode(s385,338)andExemptionorRedundancyPay(s121)(1b).
> Simplifyexistingworkplacerelationslegislationapplyingtosmallbusiness,withoutremovingtheintentofregulationstoprovidesafe,fair,productiveandsuccessfulworkplaces.
Smallbusinesscurrentlyneedstocomplywithnumeroussubstantialpiecesoflegislation(forexample,taxation,superannuation,OHS,equalopportunityandcorporationslaw)thatcanactasamajordisincentivetogrowth,employmentandinvestment.
> SimplifyandstreamlinethecontentofmodernawardsthattheAustralianGovernmenthasacknowledged“canbeparticularlyconfusingforsmallbusinessoperatorsandindividualemployeeswhogenerallydonothavespecialistworkplacerelationsexperience”.Theobjectivemustbetoincreasemodernawardcertainty(businessesneedtobeconfidentinapplyinginformation),efficiency(businessesneedtospendlesstimelocatingrelevantawardsections),ease(lesslegaljargon)andimprovethelevelofsupportavailable.
> Include‘minimumengagement’asanawardmatterthatcanbevariedundertheindividualflexibilityarrangements(IFA)inallawards.Thiswouldallowemployeesandemployerstodecidethemostappropriateminimumhoursofengagementperday.CurrentlyIFAsallowvariationstoovertimerates,penaltyrates,allowances,leaveloadingandworkinghours,butnot‘minimumengagement’.
> EnsuretheFairWorkAmendmentBill2014givestheFairWorkCommissionthepowertodismissclaimswhereanapplicantfailstoattendaconferenceorhearing.Suchameasurewouldhelpreducetheburdenofunfairdismissalclaimsbeingtimeconsumingandexpensiveforsmallbusiness.Thereformproposalshouldalsoapplytoconciliations.10 |
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Penalty rates have their origins in a labour market quite different to that of much of the Australian labour market today … The Australian economy today is dominated by the service sector, part-time work, casual work, working women and flexibility are the norm for many. Professor Phil Lewis, Director, Centre for Labour Market Research, University of Canberra
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Address small business skills requirements
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Unfortunately,manysmallbusinessownersfaceanumberofchallengesinattemptingtostrengthenandgrowtheskillsbaseoftheirbusiness.Theseincludedifficultiesattractingandretainingqualitycandidatestofillemployment,traineeshiporapprenticeshipvacancies.Commonproblemsrelatetocoreskillcompetencies,alackofworkreadinessandpoorunderlyingliteracyandnumeracystandards.
Theseconcernshavebeencompoundedbytherecentremovalofstategovernmenttrainingfundingforstudentsengagedinpart-timeemployment.Alsoofconcernisthereductioninfundingratesforlowerlevelqualificationsthatprovideliteracy,numeracyandworkpreparationskillsformanyyoungpeopleinindustrieslikeretail,hospitality,tourismandadministration.
VECCIisalsoconcernedbycomplaintsfromemployersaboutthedecliningqualityoftrainingdeliveryacrossindustrysectors.EarlyindicatorsfromtheCommonwealthVETReformTaskforceReviewarethatmanyemployersandstakeholdersareconcernedthatprovidersarenotemployer-driven.
Thereneedstobeastrongerfocusontrainingproviderdeliveryandaccountabilitywithasupportiveauditcomplianceregimethatleadstoimprovedoutcomes.Allstakeholdersmusthavegreaterconfidenceinthetrainingsystem.
Industriesundergoingstructuraladjustmentneedaccesstoaneducationandtrainingsystemthatsupportsretraining,reskillingandredeployment.
Servicesectorindustrieslikeretail,hospitalityandtourismprovideimportantentrylevelemploymentopportunitiesthathelplaunchcareersformanyyoungVictorians.Fortheseindustries,itisessentialthatlinkstopostschooltrainingarestrongandthegovernmentliftsinvestmentinservicesectortraining.
Emerginghighgrowthindustrieslikeadvancedmanufacturingrequireaneducationandtrainingsystemthatfostersinnovationandleadership.
Itisnolessimportantthatgovernmentscontinuetoworkwithindustrytoaddressgeneralistcapabilitygapsintheknowledgeandexperienceofindividualsestablishingorrunningabusiness.
Thesecanincludeinformationandabilitygapsrelatingtoresearchanddevelopment,qualitymanagement,salesandmarketing,supply,distributionandfinance,personnel,andbusinessplanning.Theobjectivemustbenotonlytoimproveenterpriseeffectivenessandreducethebusinessfailurerate,butspurgreaterinnovationandentrepreneurshipamongsmallbusiness.
High quality workforce and management skills are crucial to small business success.
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37.5%SuggestedincreaseinfundingforVictorianGovernment’sEmploymentStartUpforBusinessProgram.
> EstablishanewlowcostBusinessFoundationsshortcourseprogram–deliveredbyindustry–thatenablesSMEstart-upstoacquaintthemselveswiththefundamentalprerequisitesneededtoestablishandoperateasmallbusiness,rangingfrombasicsalesandmarketing,HRandworkplaceOHSobligations,basicaccountingandcash-flow,taxmanagement,creditmanagement,customerservice,meetinggovernmentrequirementsandbusinessplanning.
Successfulcompletionofthecoursewouldentitlecourseparticipantstoadiscountonthecostsassociatedwithregisteringabusinessnameandmeetingothergovernmentlicenceandregistrationrequirementsrelevanttostartingabusiness.
> Wheresmallstart-upbusinessesbecomeamemberofalocalchamberofcommerce,professionalorindustryassociation,extenda50percentdiscountonthecostsassociatedwithregisteringabusinessname.
> AssessthescopetotransferthefundingandadministrationofVictoriangovernment(SmallBusinessVictoria)workshops,seminars,festivaleventsand/ormentoringservicestotheprivatesectorandsetanSMEparticipationratetargetof15percentby2017.Lessthan6percentofVictoriansmallbusinessescurrentlyaccesstheseservices.
Whatgovernmentsmustdo
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$1,455Annualpotentialsavingintaxtoabusinessforanapprenticeearning$30,000ifpayrolltaxexemptionsforeligibleemployeesarereintroduced.
<6%PercentageofVictorianbusinessesthataccessgovernmentworkshops,seminars,festivaleventsand/ormentoringservices.
Entrepreneurship involves more than business start-up… it also includes the development of skills to grow a business, together with the personal competencies to make it a success.Entrepreneurship Skills for Growth-Orientated Businesses, Professor Thomas M. Cooney, Dublin Institute of Technology
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> ConductathoroughmappingandanalysisofallSMEsupportprogramsprovidedbytheVictoriangovernmentanditsagenciestominimiseduplicationandinefficienciesinthedeliveryofsupportprograms.Inadditiontoparticipantfeedbackasakeymeasureofprogrameffectiveness,establishmoreobjectiveperformanceindicatorstoassessperformance,e.g.,netgaininthenumberofsmallbusinessstart-ups,employmentandtrade.
> Ensurethefinancialvalueofgovernmentgrantstosmallbusinessexceedsthecostsassociatedwithapplyingfor,administeringandreportingongrantoutcomesbyaminimumratioof3:1.
> Helpaddressrisingyouthunemploymentbyofferingsmallbusinessaone-yearholidayfrompayrolltaxforeachnewemploymentplacementofayoungpersonbetweentheagesof15to25engagedintheirfirstfulltimejob(workingatleast30hoursperweek).AdiscountonWorkCoverpremiumsapplicabletoeachnewplacementshouldalsobeconsidered.
> Helpsmallbusinessemployersandstrengthenyouthemploymentpathwaysbyredirecting$20millionofVictorianTrainingGuaranteefundingtoboostapprenticeships/traineeshipsinhospitality,businessadministration,retailandtourism.
> Reintroducepayrolltaxexemptionsforeligiblenewtraineesandapprentices,ascurrentlyexistinNSW,QLDandWA.
Underthisproposal,eacheligibleemployeeabusinesshasonatraineeshiporapprenticeshipinVictoriacouldpotentiallyexcludethatemployee’swagefrompayrolltax(4.85percent)forthefulldurationofthetraining.Example:Foranapprenticeearning$30,000,andthepayrolltaxinVictoriaof4.85percent,abusinesscouldsave$1,455inpayrolltaxeachyear.
TheCommonwealthDepartmentofEmploymentJobs2014reportshowsthesesectorsareexpectedtoaccountforuptosixpercentofemploymentoverthenextfouryearssoitisvitalthattrainingisresponsivetotheneedsoftheservicesector,aswellasthegoodsproducingsector.
> ExpandfundingfortheVictorianGovernment’sEmploymentStartUpforBusinessProgramto$12million,fromitscurrentlevelof$7.5million.
TheEmploymentStartUpforBusinessprogramofferseligibleemployersagrantofupto$4,000ontheinitialemploymentofayoungpersonbetweentheagesof15to25thathasbeenemployedfora16weekperiodandhasundertaken,orisenrolledin,accreditedtrainingtothevalueofatleast$800thatisappropriatetotheworkplaceandthepositiondescription.
> Supporttheincreaseduptakeofworkexperience,internshipsandvocationalplacementsinsmallandmediumsizedbusinessesbyclarifyinghowtheFairWorkActappliestothesearrangements.CurrentguidelinesissuedbytheFairWorkOmbudsmanlacktheprecisionneededtoengenderconfidenceandconformanceamongallstakeholders.
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Lower small business direct and indirect costs
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TheoperationofVictoria’sregulatoryregimegenerallyandthecompetitivenessofthestate’staxsysteminparticular,playacriticalroleinunderpinningsmallbusinessgrowth,confidenceandinvestment.Forthisreason,VECCIhasbeenanactiveandconsistentadvocateoftheneedforreformsthatlowerbothdirectandindirectbusinesscosts.
Direct costs – business taxation
VECCIwelcomedthereductioninthepayrolltaxratefrom4.9percentto4.85percentannouncedinthe2014statebudget.Thisreductioncomesatanimportanttimeformanybusinessesandprovidesanestimated$234millioninsavingsover4years.VECCI’sadvocacywasalsoinfluentialinsecuringtheaverage2percentreductioninWorkCoverpremiumsthatcameintoeffectfrom1July2014.
RecognisingthatthecompetitivepositionofVictorianbusinesshascomeunderintensepressurefromarangeofcostimpoststhatareunlikelytosubsideinthefuture,VECCIwillcontinuetoactivelyadvocateforbusinesstaxrelief.OurTakingCareofBusinessagendaintheleaduptothe2014stateelectioncallsforanincreaseinthepayrolltaxthresholdto$850,000inordertohelpkeepVictoriansmallbusinesscompetitive.
inDirect costs - regulation reform
Smallbusinessrecognisesthatwell-designedregulationcanprovidebenefitsforbusinessbyimprovingeconomicstability,providingoperationalcertaintyandincreasingconsumerconfidence.
However,becauseregulationsaffectallfacetsofbusinessincludinginputs,prices,outputandvolumes,unnecessary,complexandpoorlydesignedregulationsalsoconstraintheabilityofbusinesstoprovidethebestproductorserviceatthelowestcost.
Theeffectsofnumerouschangestoregulations-ortheprospectofchanges–canalsobedamaging,leadingtolostconfidence,lostmarketsandadisincentiveforrisk-taking,productivityandentrepreneurship.
VECCIhaswelcomedthecommitmentbysuccessivestategovernmentstosetredtapereductiontargetsandhasworkedwithitsmembersandtheformerRedTapeCommissionertoidentifyexamplesofnuisanceredtapeandopportunitiestoreformorrepealregulationsthatunnecessarilyimpedebusinesscompetitiveness.
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Victoria’s regulatory regime and competitive tax system play a critical role in underpinning small business growth.
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Direct costs
> AssistSMEsbyraisingthepayrolltaxfreethresholdfrom$550,000to$850,000.Donotintroduceanynewtaxesorincreaseexistingtaxesonsmallbusiness.
> Freezefor24monthstheindexationofallfees,finesandchargessetbyregulation.
> CommittotheprogressivereductioninWorkCoverpremiumsinordertostrengthenVictoria’scompetitivenessandreducecostsforemployers.
> ReducethedifferentialbetweentheFireServicesPropertyLevychargedonresidentialandcommercial/industrialpropertiesbyatleast25percent.
Currentlycommercialandindustrialpropertyownerspaydoublethefixedchange($205versus$102)andavariablechargeupto13timesthatofresidentialproperties(85.9centsper$1000ofcapitalimprovedvalueformetropolitanindustrialpropertiesversus6.5centsformetropolitanresidentialproperties).Thisresultsinbusinessesmakingadisproportionatecontributiontofundingfireservicesandcrosssubsidisinghouseholds.
> Reducetherateofdutyongeneralinsurancefrom10percentofpremiumsto9percenttomatchratesinNSWandQueensland.
ThiswouldprovideasavingtoVictoriansofaround$100millionperannum.AreductionwouldprovidedirectrelieftobusinessesandsignalatransitiontowardsbroaderreformofstatetaxesconsistentwiththefindingsoftheHenryTaxReview.
inDirect costs
> Reviewandrationalisethenumberofbusinessregulators.
> Streamlinehowsmallbusinessesinterfacewithgovernment.Providinginformationtoandreceivinginspectionsfrommultiplebusinessregulatorscanbetimeconsumingandcostly.Gettingagenciesandorganisationstosharemoreinformationandstreamlinehowtheyinterfacewithsmallbusinessneedstobeapriority.
> ReinstatetheOfficeoftheRedTapeCommissionerandstrengthentheCommissioner’senforcementpowers.
$234MSavingsover4yearsresultingfromthereductioninthepayrolltaxratefrom4.9%to4.85%
10%è9%Suggestedreductioninrateofdutyongeneralinsurance,tomatchratesinNSWandQLD
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Whatgovernmentsmustdo
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> IncreasetheresourcingoftheOfficeoftheRedTapeCommissionertosupportadeeperandwiderregulationreformagendaandacceleratetheimplementationofreformproposals.EstablishanSMEreferencegrouptodevelopandadviseonnewreformproposalsspecificallytargetedataddressingburdensmostrelevanttosmallbusiness.
> Undertaketargetedreviewsintothefollowingregulatory‘hotspots’:
> WasteManagementPolicy(UsedPackagingMaterials).
> Vocationaleducationandtrainingregulation.
> Administrationofstatetaxesandcharges.
> Localgovernmentplanning.
> Committoazeronetincreaseinregulatoryrequirementsby2018.Raisetheexisting25percentregulatoryreformtargettoa30percentreductioninthelevelofredtapeby2016,ensuringatleasthalfoftheidentifiedreformsdirectlybenefitsmallbusiness.
> AcceleratethereviewoftheOccupationalHealthandSafetyRegulations2007whichsunsetin2017andsetatargetfora15percentreductionintheregulatoryburden.SuchareformcouldconsolidateVictoria’spositionashavingthesafestworkplacesinAustraliaatthelowestaveragecosttobusiness.
> StrengthentheusebygovernmentdepartmentsandagenciesofRegulatoryImpactStatements(RIS)toassesstheimpactsonsmallbusinessofproposalsfornew,sunsettingoramendingregulations.
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Taxes, charges and red tape are major constraints on small business
TheTop10constraintsonsmallbusiness:1. BusinessTaxesandGovernmentCharges2. InsufficientDemand3. WageCosts4. Non-WageLabourCosts5. ImportCompetition6. FederalGovernmentRegulations7. StateGovernmentRegulations8. AvailabilityofSuitablyQualifiedEmployees9. ChargesbyLendingInstitutions10. InsufficientRetainedEarningsSource:ACCISmallBusinessSurvey,August2014
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Get more small businesses into exporting
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Victoria’s export performance has been a key feature of the state’s economic performance over the past three years.
AsVECCI’sTakingCareofBusiness2014stateelectionbusinessagendanotes,Victoria’sexportperformancehasbeenakeyfeatureofthestate’seconomicperformanceoverthepastthreeyears.
Victorianbusinesses,largeandsmall,haveworkedhardtoraisetheircompetitivenessbydevelopingnewprocesses,productsandmarkets.
ManyVictoriancompaniesareleveragingtheirexpertiseinagribusinessproduction,logistics,marketingandinvestmenttohelppositionthestateasafoodbowltoAsia.
Intheadvancedmanufacturingsector,innovationisplayinganincreasinglyimportantroleinhelpingdrivenewcommercialopportunitiesathomeandabroad.ExcitingnewR&Dcapabilitiesarebeingcommercialisedinadvancedmaterialsmanufacturing,suchascarbonfibre.
Victoria’stourismandinternationaleducationperformancehascontinuedtostrengthenandwithfurtherpotentialtogrow,governmentsmustsupporttheseimportantsectors.
Newexportprospectsarealsoemerginginspecialisedareaslikehealthserviceswherethegrowingaffluenceofourneighboursandageingpopulationsarecreatingincreaseddemand.
Similarly,theknowledgeandexperienceofourbusiness,professionalandtechnicalservicessectorisbeingincreasinglysoughtafterinternationally.
Nationally,servicesexportshavegrownbyanannualaverageoffourpercentinthepastdecade.Australiaexported$52.4billionofservicesin2012-13.Victoria’ssharewas$12.75billionorjustover24percent.
TheexpandingnetworkofFreeTradeAgreements(FTAs)AustraliahaseitherenteredintooriscurrentlynegotiatingwillplayanimportantroleinhelpingAustralianexportersaccessnewmarketsandexpandtradeinexistingmarkets.
However,thefactremainsthatAustraliansmallandmediumsizedbusinessexportsonlyaccountforaround5percentofthevalueoftotalgoodsexportsandrecentVECCIresearchshowsthatonlyoneinfivesurveyedVictorianfirmsareactivelyplanningtotakeadvantageoftheopportunitiesavailableintheAsiaCenturyoverthenext12months.
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Source:DFAT
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FeedbackfromVECCISMEmembershasindicatedthatanumberofbarriersexisttostrengtheningtheirinvolvementininternationaltrade.Theseinclude:
> Lackofanexportbusinessstrategy(andsupportingmarketintelligence)andrelevantskillsatthefirmlevel.
> Confusionorlackofinformationabouttheexportsupportprogramsavailableatstateandfederalgovernmentlevels.
> Alackoffinancetosupportthescalingupofoperationstomeetincreasedexportdemand.
> Highproductionandtransportationcosts.
Whiletheprivatesectorneedstotaketheleadindrivingnewexportgrowth,itisclearthatgovernmentscanalsodomoretoreducethecost,information,skillsandregulatorybarriersthatpreventsmallbusinessfromleveragingnewcommercialopportunitiesintheinternationalmarketplace.
> Commit$75millioninfundingtosecureVictoria’sInternationalEngagementStrategyforafurtherfouryears,withafocusonfacilitatingSMEgoodsandservicesexports.
> Allocate$2milliontocreateaSmallBusiness:AWorldofOpportunitiesadvertisingandinformationcampaignthatisdesignedtoaddressthelackofawarenessamongsmallbusinessesofexportopportunitiesanddirectthemtoprogramsandsupportspecificallytargetedatfirsttimeexporters.
ThislackofawarenesswasdemonstratedintheSeptember2014VECCI-BankofMelbourneBusinessTrendsandProspectsSurveywhere66percentofrespondentsindicatedthattheirbusinesswasnotplanningtotakeadvantageofopportunitiesavailableintheAsianCentury(e.g.risingincomes,increasedspendingandchangingconsumertastesinAsia).
> Relatedly,developastrategytoactivelyleverageopportunitiescreatedbyFreeTradeAgreementsandassistVictorianSMEstotakeadvantageofthese.
> Fundanew$5millionInvestmentReadyprogram,deliveredbyindustry,toidentifyandsupportVictorianSMEsseekinginwardinvestmentaspartoftheirtradeexpansionstrategies.
Theprogramwouldidentifyspecificprojectsandproposals,assistfirmstodevelopandpresentproposals/informationinawaythatislikelytoattractforeigninvestors,andhelpfacilitatedealflow.
> CommittoanddeliverfreighttransportinfrastructureupgradesinregionalVictoriatoenablesmallbusinesses,particularlyinagricultureandmanufacturing,toleverageexportopportunitiesandreducecosts.
Whatgovernmentsmustdo:
42%PercentageofAustralianexportersthatareSMEs
5%PercentagecontributiontototalvalueofAustralianexportsbySMEs
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$75MTosecureVictoria’sInternationalEngagementStrategyforafurtherfouryears.
$2MTocreateaSmallBusiness:AWorldofOpportunitiesadvertisingandinformationcampaign.
$5MTofundanInvestmentReadyprogramtoidentifyspecificprojectsandproposals,assistfirmstoattractforeigninvestors,andfacilitatedealflow.
A number of regulatory barriers exist to strengthening involvement of SMEs in international trade.
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AustraliahasFTA’sinplaceorundernegotiationwiththeAssociationofSouthEastAsianNations,Chile,NewZealand,USA,Malaysia,Singapore,Thailand,Korea,Japan,China,India,Indonesiaandanumberofgulfandpacificislandcountries.
71% CountriescoveredbytheseFTAsaccountfor71percentofAustralia’stotaltrade.
Free Trade Agreements: A World of opportunities.
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Encourage small business innovation
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Innovationisrecognisedinternationallyasthekeytoboostingproductivity,creatingmoreandbetterjobs,enhancingcompetitivenessandgrowinganeconomy.
AstrongerinnovationperformanceacrosstheprivateandpublicsectoristhereforecriticaltoimprovingVictoria’seconomicprospectsinthehighlycompetitiveglobalmarketplace.
Smallbusiness,astheengineofgrowthanddriverofnewideasandrisktaking,makesasignificantcontributiontoinnovation.Thiscontributionneedstocontinuetobesupportedbypolicymakersatstateandfederallevels.
Attheindividualenterpriselevel,innovationmayberepresentedbymanyactivities,rangingfromresearchpartnershipswithuniversitiesandotherpublicsectorresearchinstitutionsoncoretechnologies,throughinternallygeneratedexperience-basedprocessandproductimprovements,tonewwaystogeneratebusiness(channels,markets,customers).
Whilefirmlevelinnovationtendstohaveastrongfocusoneconomicgains,itcanalsocontributetosocietymorewidelybyimprovingqualityoflifeandprovidingsolutionstobroadersocialissuessuchascommunityandindustryadjustment,health,educationandtheenvironment.
Innovationisinfluencedbydemandandsupplysidefactors–thatis,bothincentivesandcapacityforchange.Increasedcompetitioncanprovideanincentiveasbusinessesseektoobtainormaintainacompetitiveedge.Governmentdrivenincentives,suchasR&Dtaxconcessions,canalsohelpspurinnovation.
However,incentives,includingnecessity,arenottheonlyfactorsthatdriveinnovation.Theprivatesectorrequiresaworkforcethatisappropriatelyskilled.Innovationrequiresgeneralistskills,specialistskills,andincreasingly,multi-disciplinaryskills.
Generalinnovationskillsincludedecisionmaking,problemsolving,entrepreneurshipandbusinesssense,creativity,criticalanalysis,teamwork,culture,language,leadershipandcollaboration.
Thereisalsoaneedforspecialistskillsintheareasofscience,technology,engineeringandmathematics(STEM),aswellasmanagementandprofessionalskillsinbothtraditionalareassuchasfinanceandmarketing,andspecialistareassuchasinnovationleadershipandfacilitationthroughteams.
Capacityalsoplaysamajorrole.Innovationrequiresinvestmentinlabourandcapital.Businessescaughtupinday-to-dayoperationswithlimitedcashflowandsurpluscapitalwillstruggletoimplementinnovationdespitetheirbestintentions.Similarly,firmswillbeunlikelytoinvestinareaswheretheycannotcapturethereturns.
Whilemarket-basedcompetitionwillremainoneofthemaindriversofindustrygrowth,governmentshavearoletoplayinfundingresearch;supportingpublicsectorinnovation;promotinginnovationskillsdevelopment;disseminatinginformation;facilitatingnetworkingandcollaboration;enhancinginnovationenablerssuchasinfrastructure,ICTanddesign;andencouraginginnovationthrough‘goodregulation’andstrategicprocurement.
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Innovation: the key to boosting productivity, creating more and better jobs, enhancing competitiveness and growing an economy.
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Source: Australian Bureau of Statistics, Innovation in Australian Business, 2012-13, 8158.0*Defined as businesses with 5–19 employees
of small businesses* innovate
of medium-sized businesses innovate
of larger businesses innovate
51% 63% 74%
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While innovation can take many forms, it still relies heavily on formal research and development (R&D). The challenge is to grow small business spending on R&D.
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Whatgovernmentsmustdo:
> Reducethecompanytaxrateto10percentonSMEprofitsearnedfromtheirpatentsdevelopedinAustralia.ThiswillhelpsmallbusinessesprofitfromtheirinnovationsandincreasetheadoptionrateofAustralianinnovationsbyprovidingalongertermreturnoninvestment.
> AmendthetaxingarrangementsofEmployeeShareSchemes(ESS)toensureemployeesarenottaxedupfront.ThiswillencouragehighlyskilledentrepreneurstoapplytheirskillstocommercialisingAustralianinnovation.
> Aimfora30percentincreaseinscience,technology,engineeringandmaths(STEM)graduatesoverthenextdecade.ThisrecognisesthataworkforcewithastrongSTEMskillsbaseiscriticaltobusinessinnovation.
> Establishaninvestormatchingservicethatprofitabletechstart-upscanutilisetoleveragegovernmentsupporttoscalemorerapidly(suchastheFederalGovernment’sCommercialisingIdeasProgramandtheVictorianGovernment’sInnovationVoucherProgram).
> EnsurefundingfortheVictorianGovernment’sInnovationVoucherProgramismaintainedinordertomeetexistingandanticipatedbusinessdemand.
TheprogramhelpscompaniesbyprovidingavoucherthatisusedtoaccessinnovationandR&Dfacilities,training,goods,services,adviceorexpertiseprovidedbyotherorganisations,includinguniversities,theCSIROandresearchinstitutes.Victoriancompaniesmustmakeaminimumcashco-contributionof25percentofthevoucheramountrequestedwhichisamaximumvalueof$25,000forInnovationBusinessR&DandSmartDesignvouchers,andamaximumvalueof$10,000fortheInnovationSkillsvoucher.
> ExpandtheVictorianGovernment’sInnovationVoucherProgramtosupportICTbasedR&DactivitiesthathelpSMEservicesectorbusinessesdevelopnewandinnovativevalueofferings.
TheinnovativedevelopmentanduseofICTplatformsisvitalforthecompetitivenessofVictoria’sservicessector.However,currentlytheInnovationVoucherProgramdoesnotsupporttheacquisitionordevelopmentofICTproductsorservices,andtheTechnologyVoucherProgramisfocusedontheabsorptionofexistingICT.
> IncreasefundingfortheVictorianGovernment’sCollaborativeNetworksPilotProgramfrom$1.2millionto$5millionandestablishfournewcollaborativenetworksintheareasofhealthservices,processedfoodsandbeverages,advancedbuildingmaterialsandminingservicesandtechnologies.Thesenetworkswillfocusonfacilitatinglinkagesbetweensmalltomediumsizedenterprises,researchinstitutionsandindustry,supportinginnovation,tradeandthecreationofnewproductsandserviceswithacompetitiveadvantage.
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Improve small business access to competitively priced finance
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VECCI fully supports and acknowledges the need for a strong and profitable banking sector.
However,weareconcernedthattheshareoftotallendingtobusinesscomparedtohouseholdshasprogressivelydeclined.Forexample,in1990,businessloanswere60percentoftotalloansandresidentialloans25percent.Theseshareshavenowreversed:residentialmortgagesaccountfor60percentoftotallending,withbusinesslendingapproximately35percent.
Unlikelargerenterprises,smallbusinessesrelyheavilyonintermediatedfinancefromfinancialinstitutionsfortheirworkingcapital,newcapitalexpendituree.g.onmachinery,plantandequipmentaswellasopportunitiesforoverallexpansion.
AccesstoaffordablefinancehasbeenanissueofsignificantconcernformanyAustraliansmallbusinessessincetheGlobalFinancialCrisis(GFC),asmajorbankshavebecomemorerisk-averseandconservativeintheirsmallbusinesslending.
Whilesomebusinessesarebeingdeniedcreditduetounsatisfactoryfinancialperformance,VECCIisconcernedthatevenbusinesseswithstrongtradingrecordsandsolidlendingproposalsarefindingcreditrestrictedduetoweakenedbalancesheets,reducedrevenuesorcashflows,and/orfallingcollateralvalues.
Alackofinformationforbothborrowersandlenderspreventssmallbusinessesfrommaximisingtheirchanceofobtainingfunds,anddeterslendersfrominvestinginworthwhileopportunities.Borrowersneedtobeabletoeffectivelycommunicatetheirneedstothelendertoensurethatanunderstandingisreachedandtoreducetheinformationasymmetrybetweenthetwoparties.
Recognisingthatsmallbusinessesarefundamentaldriversofjobs,innovationandinvestment,reformsthatimproveaccesstocompetitivelypricedfinancemustbeapriorityforpolicymakers.
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> AdopttheFinancialSystemInquiryFinalReportrecommendationstonarrowinformationgapsbetweensmallbusinessborrowersandlenders,therebyfacilitatinggreateraccesstolendingforbusinesses.
AkeyobjectiveofreformstotheAustralianfinancialsystemmustbetoincreasetheleveloftotallendingtoSMEsbyfinancialintermediaries.
> ImprovetransparencyanddetermineiffinancialinstitutionsareimprovingtheirservicestosmallbusinessesbyrequiringtheReserveBanktoconductandpublishaquarterlysurveyoffinancialsectorlendingtosmallbusiness.Thisshouldincludeinformationonthelevelandnatureofsmallbusinessbankingfeesandcharges,comparisonlendingrates,andclearexplanationsforanychangesinthem.
> Consolidateexistingfederal,stateandlocalgovernmentinformationonavailablesmallbusinessgrantsandfinancialsupportunderasingleelectronicpointofentry,forexample:www.business.gov.au/grants-and-assistance.
> Allocate$5millionforaprogramtoprovidetailoredtrainingtosmallbusinessonhowtoproducestrongercreditapplications.Thisshouldincludehowtosuccessfullycompleteloanapplicationsandpracticalstepssmallbusinessescantaketostrengthentheirbusinesscase,deepenrelationshipswiththeirbusinessbankers,anddocumenttheirtechnicalcapabilitiesinfinanciallanguage.
> Relatedly,encouragefinancialinstitutionstosimplifycreditapplicationprocessesanddocumentation,makingthelendingevaluationcriteriamoretransparent.Unsuccessfulapplicantsshouldreceiveastatementexplainingwhytheapplicationwasrejectedandwhatstepsneedtobetakentoaddressshortcomings.
> Requirefinancialinstitutionstosimplifyboththelengthandlanguageusedinfinancialproductdisclosurestatementsforsmallbusinessproductsandservices.
> Committoimplementingtheextensionofunfaircontracttermprotectionstosmallbusiness,asproposedbytheCommonwealthGovernmentandcurrentlythesubjectofreviewbytheAustralianTreasury.
> Weencouragegovernments,industryandothermembershiporganisationstoexplorenewopportunitiestoaddressthefundinggapforsmallercompanieslookingforcapital,includingthepossibleestablishmentofaBusinessGrowthCapitalFundtoprovideloanstofast-growthcompanieslookingtogrowtheirbusinessfurther.
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Whatgovernmentsmustdo:
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Closing the small business finance gap: What other countries are doing
The£200millionSantanderBreakthroughprogramintheUnitedKingdomisagoodexampleofnewapproachestoplugtheSMEfundinggap.Breakthroughoffersinvestmentintheformofamezzanineloan.Mezzaninefinanceisawell-establishedtieroffunding,occupyingapositioninthecapitalstructurebetweenconventionalbanklendingandprivateequityinvestment.
Recognisingthatbusinessownersoftenregardanydilutionoftheirshareholdingasexpensiveinthecontextoffuturegrowth,andthereforeunattractive,themezzaninefinance
facilitiesofferedthroughBreakthroughdonothaveanequitycomponent.Themoneyisadvancedsolelyintheformofdebt,repayableatanagreedpointinthefuture.Inotherwords,thebankreceivesitsreturnsolelythroughinterestrepayments.
Aseverybusinessisdifferent,applicationsforfundingareonacase-by-casebasis.Primecandidatesareprofitablebusinesseswithatrackrecordofprofitableandcashgenerativegrowthstretchingbackatleastthreeyears.Thequalityofmanagementisalsoimportant.
$meZZanine finance Primecandidatesareprofitablebusinesseswithatrackrecordofprofitableandcashgenerativegrowthstretchingbackatleastthreeyears.
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Support small business access to government purchasing
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VECCI considers it is vital that small business has equality of opportunity in accessing government tenders.
Giventhesizeofgovernmentspending,VECCIconsidersitisvitalthatsmallbusinesshasequalityofopportunityinaccessinggovernmenttenders.Wehavewelcomedthecommitmentofsuccessivestategovernmentstoincludelocalcontentconsiderationsintheirindustryparticipationpolicies.
CurrentVictorianIndustryParticipationPolicy(VIPP)requiresdepartmentsandagenciestoconsideropportunitiesforcompetitivelocalsuppliers,includingSMEs,whenawardingcontracts.VIPPappliestoprocurementactivitiesthatmeetorexceedthefollowingmonetarythresholds:
> $1millioninregionalVictoria
> $3millioninmetropolitanMelbourneorforstate-wideactivities
StrategicProjectsthatexceed$100millionincapitalexpenditureor$250millioninwhole-of-lifecostaresubjecttoadditionallocalcontentrequirements.However,withintheVIPPframeworkthereisnospecificorprescriptivetargetinrespectofhowmuchlocalcontentshouldmakeupthevalueofaparticularproject(forexample,20percentofthetotalprojectorcontractvalue).
VECCIconsiderstheadoptionofsuchtargetscouldplayanimportantroleinencouragingmorelocalcontentandgreaterSMEinvolvementingovernmentpurchasing,providedtheydonotcompromiseoverarchingVIPPcontestabilitycriteria.SMEsupplierswouldstillneedtodemonstratetheircompetitivecapacityinmeetingVIPPcriterialike‘valueformoney’,employment,training,andtechnologytransfer.
FeedbackfromVECCImembershasrevealedthatsmallbusinessinvolvementingovernmentpurchasingremainshamstrungbyanumberofbarriers,including:
> SMEknowledgeaboutprocurementopportunities.
> Unnecessaryscaleimpediments.
> Overlyprescriptivetenderspecifications.
> Overlyburdensomeprequalificationrules.
Manysmallbusinessestransactingwithgovernmentsalsoreportlatepaymentofcommercialdebtsbyagencies.InVictoria,FairPaymentsprovisionsapplytocontractswherethevalueofthegoodsorservicesdoesnotexceed$3million.Theprovisionsencourageagenciestopaydebtswithin30daysandpenaltyinterestappliestolatepayments.
However,theusebyagenciesoffairpaymentsclausesincontractsistailoredonacase-by-casebasisandthereislittleavailableconsolidatedinformationonwhichtoassesswhethergovernmentagenciesarepayingbusinessontime.Theonusisonsmallbusinesstoinvokepenaltypaymentclauses.
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> Reducethecomplexityofgovernmentcontractsforsmallbusinessandensuretheinsurancerequiredbysmallbusinessesreflectsthesizeofthecontracttheyaretenderingfor.Givensmallbusinessoftenonlytenderforsmaller,less-riskiercontracts,thedefaultshouldbebetween$0to$10millionforpublicliabilityinsuranceand$0to$5millionforprofessionalindemnityinsurancewhencontractingwithsmallbusiness.
> Increasethelikelihoodofsmallbusinessesbeingpaidon-timebyrequiringgovernmentstopublishhowsuccessfuleachmajordepartmentandagencyisatmeetingthefairpaymentprovision(i.e.30daypaymentrequirement)forsmallbusinessesandseta95%benchmarkforallagencies.
> RaisethethresholdvalueofcontractstowhichFairPaymentsprovisionsapplytothosewherethevalueofgoodsandservicesareuptoandincludingA$5million(GSTinclusive),toensureconsistencywithCommonwealthGovernmentlegislation.Automaticallyaddlatepaymentfeestoinvoicesnotpaidontime,removingtheonusonsmallbusinesstoinvokepenaltypaymentclauses.
> Provide$5millioninfundingtodeliversmallbusinesstrainingonhowtoaccessgovernmentprocurement,coveringhowtoprequalify,wheretofindoutabouttenders,practicaladviceonhowtoformjointventuresandintroductionstokeyprocurementofficerswithingovernmentagencies.
> AppointaVictorianProcurementCoordinatortodrawtogetherskillsandexpertiseacrossstateandlocalgovernmentinprocurement.Theirrolewouldbetodeliverconsistency,improveconsultationwithbusinessandcoordinatesharedtrainingandexperiencesamongprocurementofficersinthepublicandprivatesectors.
> EnsuresmallbusinesscapabilitiesandlimitationsaremoreeffectivelytakenintoconsiderationduringtheprocessofdesigningtendersforprojectsthatfallwithinVIPPthresholdsbyestablishingaSmallBusinessProcurementReferenceGroupwithintheofficeoftheVictorianProcurementCoordinator.
> Enablesmallbusinesstoidentifysub-contractingopportunitiesandbuildnewrelationshipsbyrequiringcompaniesthathavebeenawardedGovernmentcontractstopubliclylistsub-contractingopportunities.SuchaprocesscurrentlyexistsinWesternAustralia.
> Toencouragegreateropportunitiesforregionalsmallbusinesses,encourageVIPPPlanstooutlinethelevelofvalue-addactivitiesthatwillbesourcedfromregionalareas.
> ForallVictorianGovernmentprocurementunder$150,000(wherethreequotesarecurrentlyrequired),requireatleastonequotetobesoughtfromasmall-to-mediumenterprise.Forallgovernmentprocurementthatisnotrequiredtogotoopentender,requireatleastonequotetobesoughtfromasmall-to-mediumsizedenterprise.
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In 2012-13 Victorian Government procurement was worth almost $3.4 billion. The challenge for policy makers is to create more opportunities for small business.
Whatgovernmentsmustdo:
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> KarynSobels(Chair),SimplyBusiness
> RichardHolyman,MartinandPleasance
> JeremyJohnson,SovereignHill
> ChrisBuckingham,GoToPtyLtd
> ChrisCrewther,MilduraDevelopmentCorporation
> RobertvanStokrom,DFPRecruitmentServices
> DamienButler,ButlerPtyLtdCharteredAccountants
> GrahamMargetts,Balluff-Leuze
> TerrySmit,GoWestTours
> JodieVogt,CLDesignGroup
> JohnForman,RedRockLeisure
> JohnRagg,VECCIExecutiveCouncilHonoraryLifeMember
> StevenWojtkiw(VECCIPolicySecretariat)
©VECCI2015
DISCLAIMER:ThisdocumentwaspreparedbytheVictorianEmployers’ChamberofCommerceandIndustry(VECCI).Theopinions,findings,conclusionsandrecommendationsexpressedhereindonotnecessarilyreflectVECCIpolicyortheviewsofthosepersonsorpartieswhohavecontributedtothisdocument.Fromtimetotime,andonthebasisofnewinformationandresearch,VECCIwillupdateitspoliciesandrecommendations.WhileVECCIhasendeavouredtoprovideaccurate,reliableresearchandanalysis,itwillnotbeheldliableforanyclaimbyanypartyutilisingthisinformation.
VECCI’sSmallBusinessPolicyTaskforce
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vecci.org.au