Are Australia's political changes good news for small businesses?

Can change in the political space have an effect on small businesses?

The worlds of business and politics tend to share many traits. There's the competitive nature for one, as well as the need to present a superior offering to anything rivals can muster. Of course, the political sphere, as it holds the purse strings to many business-related funds and endeavours, is closely watched by many enterprise owners.

For those with small and medium-sized enterprises (SMEs), should the recent changes at the very top of Australia's political pyramid be given close attention?

A focus on small business?

While new Prime Minister Malcolm Turnbull's time in office is still in its infancy, could small businesses be given more opportunities to grow and develop? Well, the CEO of the Council of Small Business Australia Peter Strong believes that now is the perfect time for the government to really get behind small businesses.

He explained that while big conglomerates have a say in the job market, the pressure they put on the wider business supply chain can actually have a harmful effect on the economy.

Naturally, whether or not Mr Turnbull will give this any attention remains to be seen, but the International Business Times did explain that one of the first mini-summits planned by the new Prime Minister will bring together business leaders and union representatives from across the country.

The start-up economy

Those who have recently started a business in Australia tend be at the forefront of doing things innovatively. In fact, in a Herald Sun column, famed inventor James Dyson explained that Australia has a great track record when it comes to forward-thinking start-ups.

Naturally, it's the government's job to do as much as possible to stimulate that trend, and ensure that small business owners have access to the resources they need to successfully contribute to the economy.

As touched on, it will now be down to Mr Turnbull to decide just how much his government can contribute in helping SMEs continue to make a difference to Australia's wider business outlook.

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