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Huge demand for $2,000 vouchers meant the program ran of funds out within hours, says CPA Australia.
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State subsidy scheme shows small business ‘desperate for advice’
07 September 2022
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A $5 million Victorian advice voucher scheme ran out of funds in 72 hours because small businesses are desperate for advice, says CPA Australia senior manager Gavan Ord.
Speaking on the latest Accountants Daily podcast he said the scheme, which offered a $2,000 subsidy for advice from an accountant, bookkeeper or lawyer, should be a model for other governments in how to help small business.
“The scheme has been oversubscribed and therefore people who are applying for the money are now wait-listed,” Mr Ord said.
“That just shows the huge demand businesses have to access advice. They want the advice, they need the advice. And this was a great opportunity.
“We hope that the government will top up this scheme and provide more money and we hope that the other states are going, ‘Gee, this really shows the huge unmet demand for professional advice.’
“Governments have a role in encouraging and supporting business to access advice.”
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He contrasted the Victorian scheme with one announced last week by Canberra, which pledges $18.6 million to help small businesses adopt digital technology from April 2023.
Small Business Minister Julie Collins said at the time: “This program puts expert digital advice within the reach of every small business in Australia. Advice that is affordable, trusted and independent to get businesses on the right track with selling online, social media and digital marketing, using online tools and software, and managing their online security risks.”
Mr Ord said the $18.6 million would take up to three years to be spent whereas Victoria's $5 million program was used up in three days.
“The demand for advice is on broader business advice – including digital.
“With the Commonwealth program you’ve got to go and find somebody new, to an approved supplier, somebody you don't know.
“I really like the Victorian program because it supports people to go to somebody they already know. It’s their accountant, a person they know and have been dealing with for 20 years. Not some consultant that their government has chosen.”
Mr Ord said CPA Australia would lobby other state governments and Canberra to take up the Victorian idea.
“I think the success of the Victorian scheme gives us extra ammunition to go back to the other states and say, You know what, there's a lot of demand out there for this, here is a good example of this. You guys need to step up to the plate.”
“Also the federal government could consider this as well.”
“The success of Victorian program supports people to go to the people they already know not having to find somebody totally new.”
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