Small Business Roundtable: CPA Australia urges ‘tell us once’ reform to cut red tape and boost productivity

• Reduce existing regulatory burden and costs for small businesses
• Singapore provides example of how to support business investment in tech
• Inspire more young Australians to start a business with a national campaign

Government should adopt a ‘tell us once’ compliance model as part of regulatory reforms to help boost small business growth, says Australia’s largest accounting body, CPA Australia.

Detailing three top priorities for government at today’s Small Business Roundtable with Small Business Minister Dr Anne Aly, CPA Australia Chief Executive Officer Chris Freeland AM said that cutting red tape, supporting investment in technology and fostering a culture of young entrepreneurship will be key to revitalising small business productivity and stimulating economic growth.

Mr Freeland thanked Dr Aly for the opportunity to contribute to the roundtable.

He said that reducing the regulatory burden, and halting the growth of new red tape, must be the Albanese government’s top priorities to boost small business productivity and growth.

Priority One:

Mr Freeland said that CPA Australia’s proposal for a ‘tell us once’ compliance model as part of regulatory reforms epitomises the problem that needs to be addressed.

“Enabling businesses and individuals to report information once and have it shared across relevant and approved government agencies is not only efficient, but would remove a major compliance headache for many small businesses on the front line of current inefficient processes,” he said.

“Though this would require investment in systems and processes, it would reduce duplication and improve both government and business efficiency.

“It would be a long-term investment in supporting business growth through a reduction in unnecessary red tape and provide evidence of the government’s commitment to make doing business easier.”

CPA Australia also recommends the government establish an ongoing review process to remove or improve ineffective regulation, to be led by an independent National Cabinet Reform Council, reporting to National Cabinet.

Priority Two:

Providing increased support to small businesses to invest in and utilise new digital technologies should also be a priority, said Mr Freeland. To do this, the government should adopt Singapore’s successful SME digitalisation measures.

“CPA Australia’s annual Asia-Pacific Small Business Survey consistently finds that Australian small businesses adopt technology at slower rates than their counterparts across the region, which negatively impacts their performance,” he said.

“Many small business owners lack the time, resources and expertise needed to invest in and implement new technologies, including AI, that could help them grow.

“The Singaporean government has provided a perfect case study in how to boost small business growth through digital adoption with an approach that combines generous grants to invest in approved technologies, with access to training and advice to improve digital literacy.

“CPA Australia research shows a correlation between these measures and increased technology adoption among Singaporean SMEs, with outcomes set to improve as the benefits of the investment pay off in the years to come.”

Priority Three:

CPA Australia’s third priority for government is a comprehensive strategy to encourage and enable young Australians to start and grow a business of their own.

Mr Freeland says the government should launch a national campaign promoting the benefits of business ownership to younger Australians, aligning it with key motivators such as independence, work-life balance, and pursuing personal passions.

“Australia has a disproportionately low number of young business owners,” he said. “This contributes towards the sector’s lower rates of growth, job creation, innovation, technology adoption and export activity compared with other small businesses in the Asia-Pacific region.

“To address this, the government should invest in business management training, resources and advice targeted at young Australians, focusing on common challenges for those new to business including irregular income, cash flow, business uncertainty, and customer acquisition and retention.

“Many young Aussies will have an entrepreneurial instinct – in some cases from their hobby of online content creation – that should be harnessed and encouraged.”