INTHEBLACK June/July 2024 - Magazine - Page 32
P O D C AS T
WITH INTEREST PODCAST
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The With Interest podcast features economic updates and developments
for the business world. Here are some highlights from a recent episode.
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KEY FINDINGS FROM THE APAC
SMALL BUSINESS SURVEY
CPA Australia has published its 15th annual Asia-Pacific Small Business
Survey 2023–24, which provides a detailed insight into the challenges
facing businesses in 11 different markets across the region. Gavan Ord,
business investment and international lead, shares expert analysis and key
insights into the survey.
AUSTRALIA AND NEW ZEALAND
KEY FACTORS
“Australian and New Zealand small
businesses have underperformed against
other small businesses across the Asian
region, but also, they have underperformed
against medium and large businesses
within their countries.
“There is no expectation that the gap
between small business performance in
Australia, New Zealand and elsewhere is
actually going to close. There is no data
to show that the gap is closing.”
“Underpinning the weak results over
a long period of time are two or three
factors. One is the low comparative
levels of technology uptake. The second
one is the low levels of investment
and innovation.
“The third one that sort of sits
underneath this is the older age profile
of Australian and New Zealand small
business owners. Australian and
New Zealand small business owners
are significantly more likely to be aged
50 to 60 than their counterparts in Asia.”
SECTOR AND GDP GROWTH
“Think about small businesses in Australia.
They contribute around about a third
of Australia’s GDP, so if the small business
sector is underperforming, that is a drag on
Australia’s economy, it is a drag on wealth
creation, it is a drag on productivity,
and it is a drag on job creation.
“The data shows that, while the gap
is not decreasing in terms of differences
of performance, Australia and New Zealand
small businesses are making incremental
improvements in different areas of how
they run their business.
“For example, in the technology uptake,
there is a little bit of improvement in
those areas.”
32 INTHEBLACK June/July 2024
TECHNOLOGY INVESTMENT
“We know in Australia and New Zealand
that business owners are incredibly time
poor. They are just running their business.
They do not actually have extra time to
look at the new technology that might
be great for their particular industry.
“This is why we encourage them,
yes, you do not have time, but if you
do have some spare time, go and speak
to tech experts in your industry. If you
are not using that time to engage with
the experts, you are missing out on
opportunity and that actually flows
through to growth.”
GAVAN ORD,
CPA AUSTRALIA
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the results
of the 15th
Asia-Pacific small
business survey
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podcast episode
