Despite the majority of SMB agreeing that Australia needs to embrace innovation in order to be successful, only four per cent actually invest money towards it, according to a survey by MYOB.
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In MYOB’s SMB Snapshot for March, only four per cent of respondents indicated they are investing a set amount of money towards innovation, even though 85 per cent thought innovation is important for Australia’s business growth. The Snapshot also showed 56 per cent of SMBs thinks Australia’s company tax rate is too high and wants the government to lower it to make the country globally competitive.
“We are seeing that Australian SMEs are struggling to invest in innovation. However, knowing that 36 per cent of business owners would use a cut in the company tax rate to invest more in their business is certainly encouraging,” MYOB CEO Tim Reed said. “Australia needs its economic engine room firing on all cylinders, and having small and medium businesses invest more will go a long way to securing our prosperity.”