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1 in 5 small businesses left in the dust of digitisation

Nearly half a million small businesses continue to trade with little to no digitisation measures, while 34 per cent of those who have were found to be more profitable as a result, according to new research.

by | 13 May, 2021

MYOB on Tuesday released the results of new research that shows that 466,062 small and medium-sized businesses have been left behind by digitisation, and most of them noted being deterred by adopting digital tools for fears the cost would outweigh the benefits.

Read more at Accountants Daily.

Budget highlights at a glance

Major Spending Initiatives
  • $36 billion in new spending 
  • $17 billion in personal tax cuts 
  • $8.5 billion in universal Medicare spending 
  • $5 billion for childcare 
  • 20% of student debt wiped for 3 million students 
  • $150 off power bills for all households and small businesses 
  • Prescription costs capped at $25 each 
              Economic Forecasts
              • Growth: 1.5% in 2024-25, rising to 2.25% in 2025-26 
              • Inflation: Expected to return to 2-3% band by June 2025 
              • Wage growth: Outpacing cost of living rises by 0.5% this year
                  Business Measures
                  • Non-compete clauses removed for workers earning under $175,000 
                  • $20 million “Buy Australian” advertising campaign 
                  • Incentives for construction and building worker apprentices doubled from $5,000 to $10,000 
                  • Uncertainty around the instant asset write-off scheme 
                  • Foreign investors restricted from buying new homes 
                          Budget Position
                          • Deficit: $27.6 billion in 2024-25, rising to $42.1 billion in 2025-26 
                          • Government spending as a percentage of GDP rising to 27% 
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