The recent accountants’ gathering “Xerocon” in Melbourne saw an array of speakers delivering their vision of the future. Key note speakers, the Hon Bruce Billson MP, Minister for Small Business, provided some insight as to the state of today’s small business.

A whopping 280,000 new businesses opened their doors last year alone. This is despite the constant talk about low business confidence and economical downturns.

Women dominate as founders of these small enterprises, joining a sector that contributes 42% of Australia’s GDP.

Regulation hits Small Business harder

The minister also opened our eyes to some alarming “red tape” facts. The tax system, although striving for equality amongst small and big business, disadvantages the ‘Little Brother’ at a rate of 6:1 per $1000 of revenue earned. This is crippling for the smallest business in the chain, as it is the one least able to cope with the cost.

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Government Recognising the need for Help

In the minister’s words he is set to “energise enterprise”. He is an advocate for using technology to automate and simplify compliance processes. Furthermore, he wants politicians to start the talk on how to diminish regulations that weigh down the small business sector.

“Our vision is to make Australia the best place to start and grow a business” he said.

You can read more on Minster Billson’s address on the Xero Blog.