It’s been a challenging month for Australian businesses, and unfortunately, the economic outlook continues to worsen under this government.
Small business insolvencies are at record highs, with 46 businesses going bust every day. Behind every statistic is a business owner, their life’s work, employees and families who depend on them.
These are the people who employ locals, support our communities, and drive our economy. Yet, instead of backing them, Labor’s policies are making it increasingly difficult for small businesses to stay afloat.
Inflation has also surged to 4.3%, well above the Reserve Bank’s target range, adding further pressure to household budgets and business operating costs.
And on Tuesday, the Reserve Bank raised interest rates once again – the 17th increase under the Albanese Government, marking an 18-year high.
For Australians with a mortgage, this means even more money being taken out of household budgets just to keep a roof over their heads. For small business owners, higher interest rates mean more expensive loans, greater repayments and less money available to invest, employ staff, and grow their businesses.
Many are already juggling rising electricity bills, insurance premiums, wages, rent, and other operating costs. Another interest rate rise only adds to that burden.
Labor cannot continue to shift the blame to overseas conflicts and consumer spending while ignoring the impact of its own economic decisions. Record government spending and growing government bureaucracy are not the answer.
Governments don’t grow our nation – businesses do.
Our small businesses deserve a government that backs them, reduces the burden of red tape and creates the conditions for investment, jobs and growth.
We have a plan to fix the economy and protect our way of life with lower taxes, cheaper energy, less government waste and more support for businesses.
If rising rates and higher costs are putting pressure on your business, I want to hear about it.
Please get in touch with my office and share your experience or complete my small business survey.
Yours sincerely,
Angie Bell MP
Federal Member for Moncrieff
