The IPA has already lodged its 2016 pre-budget submission, which builds on the Australian Small Business White Paper that we launched last year. In our submission, we have continued to extend our voice in support for the SME sector with recommendations on access to finance for small business, education and training and innovation.
The year will also be marked with two large political events: elections in both Australia and the USA. We will be watchful of these elections and should not underestimate the impact the American election has on Australia.
A number of government reviews will also be set to be implemented in 2016. These include the Financial System Inquiry (Murray review) and the Competition Policy Review (Harper review).
The Murray review has some 33 recommendations, many of which will impact the IPA and our members. The government has already moved on some of the measures including equity crowdfunding and lifting education, professional and ethical standard of financial advice. These will have a huge impact on IPA members as we move towards the financial services regime at the end of this financial year.
The implementation of the Harper Competition Policy Review is already underway with a discussion paper and consultation on section 46 (Misuse of market power) and its impact on small business. This is a matter we have long advocated and echoed in our Small Business White Paper to ensure a more even playing field exists for small business in Australia.
We can also expect healthier debate over tax reform. We expect a truly meaningful reform to start in 2016 and look forward to the discussion over the total tax mix with expectation that the government will release its Green Paper well in advance of an election.
Free trade agreements (FTAs) will also gear up in 2016 so watch this space. The IPA has already voiced its views that the benefits of FTAs must flow through to the small business sector to reap the economic benefits that are so highly promised from such agreements.
We also anticipate further dialogue around the subject of anti-money laundering and associated regulations. This is a global issue and Australia is sure to learn from the developments in the UK and we will gain further insights from our IFA colleagues in London.
We will do our best to keep you informed and up to date as policy developments take place throughout
the year.
