Small business to remain 'front and centre' under Ley leadership

Newly appointed Opposition leader, Sussan Ley, has said small business will remain an important focus for the Liberal Party under her leadership.

In an address to the media after being elected as leader of the Liberal party, Ley said Liberal would ensure that big, medium and small businesses were valued within the economy, and was prepared to listen to their wants and needs.

“We will work with big business, we will engage with big business, we will sit down with everyone, big, small and medium business and listen to the value that they add to the public policy debate,” she said.

“We’ve seen 30,000 small businesses go to the wall under Mr Albanese and that cannot continue. So, we will keep our passion for the survival and vibrancy of small business front and centre.”

Ley was welcomed by the small business community, with the Australian Chamber of Commerce and Industry (ACCI) sharing that it was looking forward to working with the new Opposition.

ACCI CEO Andrew McKellar said the organisation wanted to engage in a positive manner with the Opposition on a range of policy issues.

“ACCI would like to have a constructive dialogue on policy issues including productivity and the link to workplace relations, market access and export diversification in a disrupted global trade environment, and reliable and affordable energy solutions consistent with the transition to net zero emissions,” he said.

“We would like to see policy formulation addressing the urgent need to improve productivity and its benefits to wage and business growth. A key focus for business is certainty and access to reliable and affordable energy while continuing on the pathway to net zero.”

Last year in an address to the CPA Albury Wodonga Branch, Ley said the value of the work that each financial service professional provided was “certainly not lost” on her based on her background in accounting and taxation law.

“Financial service professionals are rightly paid for the work that they deliver but it’s not acknowledged anywhere near enough, just how valuable the advice that they provide your clients actually is,” she said.

“Some might say that it’s ‘unsexy’ work, but I would say that is the work that changes the oil or the fuel filter and otherwise keeps the show on the road for what many call the engine room of the economy – our two-and-a-half million small and family businesses.”

Ley attributed this knowledge of the profession to her own experience studying as a mature-aged student, raising children and working at the ATO in Albury.

In her position as Opposition leader, Ley pledged to protect the financial service professionals against the Labor government as its new obligations on tax agents “were of concern”.

Ley said the obligations of the Tax Agent Services Determination were, “far-reaching, poorly drafted, near impossible for smaller tax agents to comply with, unrealistic with respect to the commencement timeframe and without regulator guidance to follow”.

“I am also concerned about the new requirement to report on clients on any matter that could significantly influence a decision of a client to engage with them.”

“We know that this industry is already facing a shortage of young people equipped to take the reins and the introduction of more unnecessary red tape for our most trusted professionals is going to further burden an industry already under pressure.”

According to an Australian Bureau of Statistics forecast, Australia requires nearly 340 thousand accountants by 2026, equating to almost 10,000 extra each year.

Ley said this statistic underlined the importance of supporting and supplementing the profession: “We should be making this easier and not harder for you.”

Chartered Accountants ANZ CEO, Ainslie van Onselen congratulated Ley on being elected as Liberal leader, adding that the accounting body looked forward to working with her, “through a time of reflection and rebuilding”, as “good government needed a strong opposition”.

“We welcome the election of Australia’s first female Opposition leader, with Sussan Ley’s elevation a moment of our importance for our nation’s political history,” she said.

“CA ANZ notes that Ms Ley has masters degrees in taxation and accountancy – a background that we hope will help inform a push for sensible tax reform in this new Parliament. We will be asking the Albanese government to undertake significant, impactful and long-term tax reform in its new term and we hope that the Opposition will support our advocacy.”

Last year Ley also noted the “rocky” and “dire” road ahead for small businesses, which she has now doubled down on in her new leadership position.

“Whilst we relish the opportunity to talk about the challenges that this presents, we are all charged with the immense responsibility of actually doing something about it,” she said.

“I acknowledge from the outset that there have been a number of recent changes in the world of financial advice that will make it harder, not easier, for you to discharge your responsibilities.”

In addition to restricted financial advice, Ley said small businesses faced challenges of skyrocketing electricity bills, higher loan repayments, increased staff costs and complexity around hiring, fewer apprentices and trainees coming through and near-impossible insurance premiums.