Insights
Best practices and tips on spend management, automated expense tracking and corporate debit cards for Australian SMB and enterprise businesses.
Australian businesses are now under a government with seemingly different policies and ideals that are less conservative. During their election campaign, ALP leader Anthony Albanese has outlined his government’s plan that'll affect those in business, NDIS, aged care, and charities.
While it’s still in the early stages, here’s what you can expect from the ALP government in the next three years, depending on your industry.
If you’re a business owner
With the rising interest rates and the government’s fuel exercise ending in September 2022, small businesses would be feeling the pinch with their investments and expenses. Besides that, the ALP has declared its intention to increase the minimum wage by 5.1%, adding to small businesses' input costs.
Furthermore, for businesses working in the gig economy, the ALP has also promised to increase the job security of contract workers to provide them with more job security.
While it may seem like operating costs will rise, the ALP has also made two major promises to help small businesses. The first one is their Better Deal for Small Business promise, which ensures better help in a crisis and a reduction of time spent on government paperwork (such as taxes). The government has also pledged to improve NBN services by expanding its network to support small businesses’ growing digital needs.
Still, businesses will be under more pressure than ever to rethink their costs and look at how to get more done with less to minimise input costs.
If you operate a charity or not-for-profit organisation
The ALP acknowledges charities as the frontrunners in assisting communities during a disaster, such as the recent floodings and the COVID-19 pandemic. It’s no surprise that the government plans to increase its efforts to protect the charities that support these communities.
If you’re a charity working for domestic violence, women’s rights, and environmental advocacy, then you can expect strong support from the new government. The ALP has also expressed plans to start a Non-profit Sector Expert Reference Pane, which aims to help charities by fixing fundraising laws, doubling philanthropic giving, and allowing charities to reach their potential.
The not-for-profit sector can see a revival in transparency reporting between the government and the industry. It’s now up to charities to make full use of the new resources, and report their expenses the right way.
If you’re an aged care provider
Aged care providers have long asked for increased wages and better working conditions. As such, the ALP’s promise to support aged care providers was a prominent message in its election campaign. Here are the key promises made to aged care providers:
- Enlisting 24/7 registered nurses at every aged care facility
- A minimum of 215 minutes of care per resident, per day in all aged care facility
- Supporting a pay rise for aged care workers at the Fair Work Commission, and funding this outcome
- Developing and implementing health and nutrition standards for aged care homes
- Ensuring integrity and accountability for the aged care sector, and providing the Aged Care Safety Commissioner new powers to foster accountability.
Top health and aged care bodies have pushed the government to uphold its promise, so there is a sense of urgency from the industry. However, it’s worth noting that with more funding, the accountability and reporting for how these funds are spent are also expected to tighten. Hence, aged care providers should ensure that every dollar is properly managed and reported.
If you’re an NDIS service provider
The NDIS sector has faced painful funding cuts in recent times, which resulted in many NDIS service providers shutting down their operations. Service providers and participants have long struggled to justify each dollar through paperworks and audits.
The ALP government has made promising NDIS reforms that will benefit both service providers and its participants. Mainly, NDIS plan cuts will be stopped so that people with disabilities can get the better care they need. Besides that, the new government will also support NDIS by making it more sustainable and transparent in the long run.
While it may be good news for the NDIS sector, there’s also a higher need to be accountable. The ALP has promised to ‘stop waste in the system’ by reducing service provider fraud. As a result, legitimate NDIS service providers should start looking at better ways to easily capture and report all company transactions to serve their communities efficiently.
The next three years will be an interesting one. While we may not be able to tell exactly what will happen, we can safely say that businesses, charities, NDIS and aged care providers should focus on better reporting, minimising costs, and making their expense management process more efficient. Luckily, there’s a way to do all this.
Budgetly’s preloaded card and expense management software helps Aussie companies go cashless and cut manual time by up to 30 hours a week through automation. To learn more about us, download our eBook, Managing Expenses with Budgetly. Alternatively, schedule a demo today for a personalised chat with our team.
