More needs to be done to improve start-ups’ access to funding and support, despite Australia’s status as one of the best places to launch a business in the G20, a new report claims.
The research, conducted by Ernst & Young, quizzed more than 1,000 entrepreneurs about start-up conditions.
Nearly half of Australian entrepreneurs feel that Australia is the best country in the G20 group to launch a venture.
However, 70% of those polled believe there aren’t enough tax incentives to start a new business, with 64% arguing that the government should do more to provide access to funding.
A further 70% are “not impressed” by the current coordination between support providers, government and educational institutions.
Nearly half of Australian business leaders said regulations have become more onerous over the last five years, although 80% believe that our national culture encourages entrepreneurship.
Peter McIver, strategic growth markets leader at Ernst & Young Australia says: “Entrepreneurs play a pivotal role in boosting local and global economies by creating jobs, promoting innovation and supporting communities.”
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“High-growth entrepreneurs find opportunity in adversity and have a vital role to play in helping us turn the corner and lead us out of this period of global economic uncertainty.”
“Even during the most challenging times, entrepreneurs are able to grow and the creation of new business will play a crucial role in the future prosperity of G20 countries, including Australia.”
“Access to funding is one area which Australian entrepreneurs saw as having deteriorated over the last five years, which is perhaps reflective of the volatility of the global economy. This can make it difficult to get new businesses off the ground, particularly for young entrepreneurs.”
“Notably, tax was another area that Australian entrepreneurs would like to see improved, with 70% of survey respondents saying that increasing tax incentives would have a high impact on long-term business growth.”
“Additional support and attention at both a fiscal and policy level would encourage an even stronger entrepreneurial culture and increase innovation in Australia.”