Finance Minister Grant Robertson and National’s finance spokeswoman Nicola Willis are to debate key financial topics tomorrow, focusing on small business issues. This event will be moderated by Liam Dann from NZME.
New Zealand businesses, hit by the Covid-19 pandemic, now face new challenges: rising costs, increased inflation, and a spike in retail crime. A recent survey by MYOB showed that 64% of the 550 small and medium-sized business participants are concerned about rising inflation and living costs over the next year.
The top concerns for these businesses are crime, costs, and rules. 43% want stricter punishments for criminals. 33% support Labour’s plan to remove GST from fresh and frozen fruits and vegetables. Other wishes include simpler tax laws (28%), more investment in crime prevention for businesses (24%), and more skilled migrant workers (20%).
National has proposed tax cuts funded by cost savings and revenues from new taxes, like a foreign buyer property tax. According to the MYOB survey, 64% feel it’s time for a change in government, with 47% thinking National understands their business needs better than other parties. National is currently leading in the SME vote with 42%.
However, 36% of businesses are unhappy with the government’s current support level. Business credit defaults have risen 38%, and company liquidations have increased in 2023.
