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Economics update | September 2, 2022
02 Sep 2022
Economy set to be boosted from SMEs digitisation
The Federal Government has progressed the Technology Investment Boost and the Skills and Training Boost to consultation stage. These measures in the newly released draft legislation, announced in the March 2022 Budget by the previous Government, looks to support productivity enhancement for small businesses with an annual turnover of less than $50 million.
The Technology Investment Boost will allow small businesses to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption. The Skills and Training Boost will allow small businesses to deduct an additional 20 per cent of expenditure incurred on eligible training course provided to employees.
MYOB modelling shows that nearly half a million Australian SMEs have little to no engagement with digital tools, this representing one in five Australian small businesses. Digitising this cohort would return $25 for every dollar spent on their online progression.
Open until September 19, ACCI will submit a response to this consultation.
Retail turnover rises 1.3 per cent in July
According to the Retail Trade figures released by the ABS, retail turnover rose 1.3 per cent in July. This is the largest rise in four months, following a 0.2 per cent rise in June and 0.7 per cent in May.
Turnovers rose in five of the six retail industries. The largest rise was 3.8 per cent in department stores followed by 3.3 per cent in clothing, footwear and personal accessory retailing. The only retail industry to decline was household goods retailing.
These rises show that in-spite of the mounting cost-of-living pressures, households are showing continuing confidence and spending habits.
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