Michael McCormack becomes Deputy Prime Minister
Nationals MP Michael McCormack, and is now the Deputy Prime Minister.
Previously the Small Business Minister in 2016 and 2017, small businesses are hoping the Deputy Prime Minister will use his position to positively influence the sector.
CEO of Council of Small Business of Australia Peter Strong says he wants the Deputy Prime Minister to reinstate the small business portfolio back into Cabinet.
"We are the most vital part of the economy. We're not the only part, but we are the biggest part when it comes to employing, and we should have a single voice in cabinet."
Small Business Ombudsman Kate Carnell has welcomed the Deputy Prime Minister, and says, “We are pleased Mr McCormack will push for the Small Business Minister to have a seat in Cabinet, as has been the case in the past.
“And we are confident the new Deputy Prime Minister will have small business issues as a major focus.”
Small business confidence at a three-year high
MYOB surveyed more than a thousand small businesses and found that most expect revenue to increase this year.
A third of all business owners are also optimistic about the broader economy, tipping improvement throughout 2018.
However, 41% of small business operators believe the cost of utilities will be their biggest business pressure in 2018.
Top five industries expected to boom this year
An IBISWorld report has released the top five industries expected to grow in 2018:
- Wind and other electricity generation (35%)
- Sports and recreation facilities (9%)
- Dairy and cattle farming (8%)
- Petroleum exploration (7%)
- Nature reserves and conservation parks (6%)
The industries expected to fall are motor vehicle manufacturing, intellectual property leasing, vegetable growing and sugar manufacturing.