Small Business
How is this affecting our Region?
Small businesses employ 42% of our local workforce
Our region lost 230 skilled manufacturing businesses during previous policy trials
Local businesses spend an estimated $42,000 per year on compliance costs
120 small businesses closed last year due to unfair competition from dominant corporations
The current 25% small business tax rate places an unnecessary burden on growth, with COSBOA research showing a 5% reduction could boost small business investment by up to 17%
Small business owners report spending up to 20 hours per month manually entering the same information into different government portals
Bank loan rejection rates for small businesses in our region are 30% higher than for large corporations
What can be done?
Reduce the small business tax rate from 25% to 20% in line with COSBOA’s Fair Go campaign to provide immediate relief and stimulate growth
Introduce a superprofits tax on large corporations and close loopholes that enable multinational tax avoidance
Reform regulations to increase corporate competition and prevent monopolies from limiting consumer choice
Support a meaningful increase in investment and incentives for renewable energy, which would reduce energy costs for businesses
Make the instant asset write-off permanent at $30,000 per asset with no annual cap
Implement a “One-In, Two-Out” rule requiring the removal of two regulations for every new one introduced
Establish a $5 billion Small Business Growth Fund providing government-guaranteed loans at competitive rates
Create a 30-day maximum payment term for all businesses with annual revenue exceeding $50 million
What would it look like for us?
I became a small business owner at a young age, and in running that business, I advised and supported hundreds of other businesses through startup and beyond. I’ve felt firsthand the crushing weight of compliance costs and unfair competition. The complex systems of our economic structures are created to achieve outcomes, and right now those outcomes aren’t serving small business. When nearly half of all small businesses operate at a loss, and 82% of failures stem from cash flow problems, we need more than warm words – we need immediate, structural change.
Our region would see 1,200 new jobs created through small business growth and expansion, while small business compliance costs would be reduced by 35%, saving local businesses $14.7 million annually. The tax rate reduction from 25% to 20% alone would allow the average small business in Paterson to reinvest approximately $15,000 back into growth, equipment, or additional staff.
Connection of 95% of local businesses to high-speed digital infrastructure would be achieved within three years, supported by the establishment of three Digital Skills Hubs providing training to 2,500 local businesses annually.
The small business failure rate would be reduced by 40% through improved cash flow management, and small businesses’ share of government contracts would increase by $50 million annually.
Cybersecurity protections would be implemented for 1,500 local businesses within two years, and a local manufacturing innovation hub would be developed, supporting 150 businesses.
When I look at Paterson, I don’t just see statistics – I see the local café that sponsors our kids’ football team, the hardware store that’s been family-owned for generations, and the countless entrepreneurs putting everything on the line to build something meaningful. They deserve more than just acknowledgment – they deserve a fierce advocate who’ll fight for structural change that gives them a genuine chance to thrive.
These initiatives would strengthen our region’s economic backbone, creating a more resilient and competitive business environment that supports local employment and innovation. Remember, humans are the unpredictable part of this delicate balance, not the systems. If one or many groups of participants are worse off than others, over a substantial period of time, the desired outcome is being achieved intentionally.
I believe it is our representatives’ job to listen to their constituents about their needs, care about the issues facing their local community, and act in the best interests of those that elected them. That’s why I’m committed to fighting for a fair go for small businesses in Paterson.
