“New Zealand is a nation of small to medium sized businesses, SMEs. The performance of these businesses is crucial to driving the country’s economy, yet last week’s Budget offered very little for the people working hard,” says BUSINESS buddy director, Jatin Patel.
“I would have liked to have seen more help for SMEs. There was no tax relief to support small businesses, although there was a new initiative in the Budget that allows Kiwi start-ups to access a $300 million fund to allow them to grow.
“This is great, however, part of the problem with investing in business is they get to a certain stage and they leave the country and New Zealand does not benefit from their ongoing investment or infrastructure that goes around it.
“In the long run, it is possible that other countries or multinationals will benefit from this investment rather than us,” says Jatin.
“No significant changes were implemented regarding property. The proposal of a capital gains tax was scrapped earlier in the year with Jacinda Ardern pointing to a lack of public support for the decision.
There is significant funding budgeted to support the mental wellbeing of New Zealanders and this should have a positive impact for businesses, with there being close links between wellbeing and economic growth.
The construction industry has the highest rate of suicide, followed closely by farming and forestry and something needs to be done to address the horrendous statistics.
Having a healthier work force means fewer sick days and increased productivity, both of which help growth.
If you or anyone you know is suffering with depression or anxiety, you can click here for more information or call a free 24/7 helpline on 0800 111 757.
The Budget also aims to address unequal growth and low productivity, an area BUSINESS buddy has always focused on – encouraging clients to use technology and business acumen to achieve these aspirations.
If you would like to investigate more opportunities to make a real impact on your business contact us, now.