Business management software provider MYOB says revenues have improved and work has increased across the country but government red tape is impacting on future growth.
According to MYOB Business Monitor, almost two-thirds (74 per cent) of Australian businesses have reported revenue levels are the same ore higher than a year ago, including those in the retail and hospitality industry. The average of all revenue increases is 26 per cent.
In a further upbeat sign, 47 per cent of businesses expect their revenue to increase even further in the next 12 months.
Adding to the positive results, almost half of businesses (49 per cent) indicated that they have more work than usual in the pipeline over the next three months.
Tim Reed, MYOB CEO says the results indicate that the Australian economy has survived the GFC and is now picking up speed and the government needs to look at supporting this momentum.
“The MYOB Business Monitor indicates that around a third of businesses were dissatisfied with Federal Government support prior to the election. Two key areas of concern were highlighted – having to deal with red tape and understanding how new legislation impacted their operations. Both were regarded by almost two thirds of businesses as having a significant impact on their business success,” he says.
“Our research shows there is a clear mandate from business owners for bold policy action to minimise red tape, simplify reporting requirements and reduce the tediousness of a complex array of personal, company, capital gains and fringe benefits taxes.”
However, not everyone reported strong revenue growth, with 35 per cent of Queensland businesses reporting lower revenues over the past 12 months.
Businesses across Australia identified rising interest rates and fuel prices as two potential clouds on the horizon that will put pressure on their business.