Australian SMEs are being weighed down by persistent and emerging challenges, with red tape, hiring and training staff, and cyber security threats topping the list, according to a new NAB report.
Other struggles include accessing capital, absorbing supply chain shocks, and adopting digital technologies.
NAB Group CEO Andrew Irvine says these are not new challenges to Australian SMEs, but that new thinking is needed to address them.
“Businesses, banks, governments and industry groups all need to come together to find solutions and unlock more productivity, jobs and economic growth.”
The report highlights several policy recommendations to ease the burden on small businesses. These include:
* Introducing ‘right-sized’ regulations to help SMEs meet compliance obligations
* Improving accessibility of Australia’s skilled migration program
* Easing of cost barriers and access to cyber security software and hardware
* Involving SMEs in the delivery of the Data and Digital Government Strategy
* Establishing support initiatives to enhance payment times and cash flow
* Strengthening partnerships and procurement programs for First Nations SMEs
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