Budget 2024: Retailers Say Budget Could Have Done More for Small Business

The Institute of Public Accountants also said that the budget lacks genuine tax reform and targeted red tape reduction.

Customers are seen in the food court area of Broadway Shopping Centre in Sydney, Australia, on Aug. 6, 2020. Lisa Maree Williams/Getty Images

Retailers and accountants flagged the federal budget’s lack of support for small businesses, especially amid a cost-of-living crisis.

“In our pre-budget submission, we encouraged the government to expand the small business tax rate of 25 percent to include medium size businesses with revenue up to $100 million, from the current threshold of $50 million, and we’re disappointed this wasn’t adopted,” Paul Zahra, CEO of Australian Retailers Association (ARA), said.