The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the Australian Government’s $1.2 billion investment in the nation’s digital future, including the 30% tax offset for the video game industry.
Mr Billson says the investment will encourage greater digital adoption by small and family businesses, to ensure they are globally competitive.
“This significant investment will support small business growth and go some way to unlocking the commercial gains that can be made through digitisation,” Mr Billson says.
“Many small businesses have adopted better use of mobile and internet technologies as a result of the COVID crisis and these announced support measures will help that trend continue. Being digitally engaged has been very important for businesses, particularly in regional and rural areas, to continue delighting customers at a time of pandemic-related disruptions.
“In reality, digitisation is now vital to being truly competitive. That means everything from having a website, to being e-commerce enabled, using apps to improve business efficiency and targeting customers through social media platforms.
“SMEs with advanced levels of digital engagement are 50% more likely to grow revenue and earn 60% more revenue per person, according to MYOB research.
“We welcome the Australian government’s commitment to help SMEs build their digital capacity and drive business up-take of e-invoicing.
“With 1.2 billion invoices exchanged in Australia every year, making the switch to e-invoicing would add an estimated $28 billion to the Australian economy over 10 years. For SMEs, we know e-invoicing streamlines productivity and improves cash flow with reduced admin and faster payments.”
Mr Billson particularly welcomed the support provided to the Australian video game industry, which is comprised of many high growth potential small businesses and start-ups.
“My office has been a vocal supporter of the Interactive Games and Entertainment Association (IGEA) which estimates Australia could create a $1 billion industry in game development, providing export revenue and employing an additional 10,000 full time workers with the right support,” Mr Billson says.
“This 30% tax offset is an excellent support measure to help Australian video game producers take a greater share of the $250 billion global game development market.
“Ultimately this investment, which forms part of the Australian Government’s Digital Economy Strategy, will help make Australia the best place to start and grow a business.”