Business wishlist for budget revealed
As economic pressures linger, a new MYOB poll revealed the policy expectations and needs of local business owners and decision-makers ahead of the coalition government’s 2024 budget.
The MYOB survey highlighted a strong desire for tax relief, upskilling support, and reduced bureaucracy among SMEs and mid-market businesses.
Business sentiment and expectations
According to MYOB's survey, confidence levels among SMEs are divided with 49% expressing doubt about benefiting from the upcoming budget announcements, while 46% remain optimistic.
“For customers feeling under pressure, our message is get in touch,” said MYOB CEO Paul Robson (pictured above).
Top policy desires
The top five policies that SME decision-makers hope to see include a 43% call for increased healthcare investment, a 36% demand for company tax rate reduction to 25%, and further investments in education (30%), infrastructure (28%), and training (27%).
“Regardless of industry or location, SMEs tend to have strong ties to their local community... so it makes sense that investment in core areas that have broader benefits for society and secure New Zealand’s future, are high on the agenda,” Robson said.
Supporting growth and simplification
SME leaders also support policies that simplify tax filing processes (42%) and streamline consent procedures (36%), with a substantial number also backing government contracts for local SMEs and lowering the R&D tax incentive spend threshold to foster growth and innovation, the MYOB survey found.
Mid-market focus
Mid-market business leaders, more confident (68%) in the budget’s potential benefits, prioritise training and upskilling (42%), along with changes to immigration policies to better recognise skilled migrants’ certifications (32%) and improvements to the immigration accreditation scheme (27%).
Beyond immediate budget wishes, mid-market leaders look forward to broader government strategies, including digitising government services (34%), creating a 30-year national infrastructure plan (24%), and enhancing international trade and R&D investments.
“The focus for the mid-market in New Zealand is clear,” Robson said. “Building and supporting a workforce that has the right skills and a business infrastructure that is fit for an innovative and dynamic economy.”
Balancing act for future budgets
Robson articulated the delicate balance the government must maintain in the 2024 Budget, advocating for investments that streamline compliance, reduce costs, and boost innovation.
“A growing business sector will give the government the flexibility to do more in future budgets,” he said.
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