CPA Australia – The Market Herald


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  • Australia’s economy could catch ‘long COVID’ unless the government provides business support in the 2022-23 Federal Budget, says CPA Australia
  • Ahead of the federal budget, CPA Australia submitted a submission to the Australian government
  • The key message of the submission is the need for short-term business support and longer-term economic transformation
  • CPA Australia believes targeted support is key to helping businesses navigate future disruption

According to CPA Australia, the country’s economy could catch a “long COVID” unless the government provides business support in the 2022-23 federal budget.

The professional accountancy organization believes targeted support is key to helping businesses manage future disruption.

Ahead of the March federal budget, CPA Australia submitted a submission to the Australian government. The key message of the submission is the need for short-term business support and longer-term economic transformation.

“It is increasingly likely that many businesses will experience continued disruption throughout 2022, and potentially beyond,” said Gavan Ord, senior director of trade policy at CPA Australia.

“Continued outbreaks, leading to labor shortages, supply chain issues and reduced consumer spending, can mean business conditions go up and down year-round.

“Accountants are strong advocates of prudent financial management. Ultimately, the government must weigh the cost of supporting businesses against the benefits and risks of doing nothing. Overall, we think the benefits outweigh the cost.

“The economy faces its own version of ‘long COVID’ if support is not available to help businesses manage future outbreaks. The overall success of measures like JobKeeper and Cash Flow Boost in keeping businesses afloat will be undone if we get good businesses to go it alone now,” Ord concluded.

The CPA said its top budget recommendations are support for digital transformation, increasing the skilled labor pool, removing new regulatory requirements and providing access to business advice.

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