More than 70 small business owners from across Sydney’s inner west and western suburbs gathered in Grayndler on Wednesday, 22 July, for a forum hosted by NSW Liberal Senator Dave Sharma and Deputy Opposition Leader Senator Jane Hume.
Held in Prime Minister Anthony Albanese’s electorate, the forum provided local business owners with an opportunity to discuss the financial and regulatory pressures affecting their operations.
Senator Sharma said the message from attendees was consistent, with business owners reporting worsening economic conditions, rising operating costs and weakening consumer spending.
Participants raised concerns about increases in electricity, insurance, rent and wage expenses, alongside the effects of inflation, interest rates and subdued consumer confidence. Business owners also pointed to the growing administrative burden created by compliance requirements, regulation and red tape.
Senator Sharma said Australia’s small business sector employs more than five million people and represents approximately one-third of the national economy, arguing that small businesses had not received sufficient support from the Federal Government.
“Small businesses are essential to a productive and growing Australian economy, but many owners feel they are being overlooked and increasingly burdened by government policy,” Senator Sharma said.
The forum also focused on recent federal taxation and property policy changes, which Senator Sharma argued could further weaken investment and business confidence.
During the discussion, the Liberal representatives outlined several of the Coalition’s economic commitments, including plans to repeal recently introduced taxes, establish a permanent $50,000 instant asset write-off for small businesses and reduce personal income taxes through the indexation of tax brackets.
They also discussed proposals to reduce regulation and simplify major pieces of legislation, including the National Construction Code, Corporations Act, taxation laws and competition laws.
Senator Sharma argued that reducing government expenditure would be critical to controlling inflation, improving productivity and allowing greater resources to flow into the private sector.
He said economic management and the future of Australia’s small business sector were likely to become major issues at the next federal election.
“This will be one of the most important battlegrounds of the next election: how Australia can restore economic growth, improve productivity and give businesses and families renewed confidence in the future,” Senator Sharma said.
Senator Hume, who serves as Deputy Leader of the Opposition and Shadow Minister for Employment and Industrial Relations, Productivity and Deregulation, joined the discussion and heard directly from business owners about the challenges they were experiencing.
Senator Sharma currently represents New South Wales in the Senate and serves as Shadow Assistant Minister for Citizenship and Multicultural Affairs, International Development and the Indo-Pacific.
The forum was organised with the assistance of the Grayndler Federal Electorate Conference and formed part of the Coalition’s ongoing engagement with small business owners ahead of the next election.
