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New Australian PM - What does it mean for SMEs?

New Australian PM - What does it mean for SMEs?

After witnessing a very interesting and turbulent week in Canberra, it got me thinking; how will this affect the market that I primarily work in – The SME market in Australia?

In the short time since the change in Prime Minister, there has been a reasonable amount of discussion in the press around what small businesses and starts ups can expect as a consequence of the change.

Well for a start, a change in personnel, with the demotion of Small Business Minister Bruce Billson.  Whilst it remains to be seen who the replacement will be, it is fair to say Mr Billson was a popular choice with small business groups, and was often praised for his determination and enthusiasm when representing small business. Let’s hope his replacement also shares those traits. But looking past the change in minister, what is likely to change moving forward?  Turnbull has often aired his support to entrepreneurship and innovation, and given his previous role, it would be difficult to expect him not to continue his interest in tech companies.  Will more funding be made available for SME’s, maybe through tax reforms? Will mentoring programs be established and will entrepreneurship finally be on the curriculum at our schools?

This all remains to be seen, but I think at the very least, an overall boost in market confidence is expected with this change of leadership, which should benefit SMEs as a whole.

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