June 2024 update from the Commissioner

I am pleased to announce the Commission’s Review of small business experiences with regulatory policymaking. The Review will examine the experiences of small businesses as key stakeholders when new legislation, regulations, rules and other requirements are being developed. As part of the review, the Commission is seeking feedback from stakeholders on their experiences with regulation in NSW. By participating in our review, you can help us identify ways to better support our small business community.

The 2024-25 Federal Budget was released in May which included an extension of the instant asset write-off. 

Our ongoing Momentum Survey provides a timely reminder of some of the tough conditions facing small businesses at this time, with rising costs, weaker customer demand, staff shortages, compliance burdens, and higher interest rates contributing to declining business confidence levels.

Recent insolvency data in NSW highlight the difficulties faced by small businesses, with 297 businesses going into external administration or appointing a controller in the initial three weeks of April. 

I encourage small businesses to contact the Commission if encountering difficult circumstances at this time, especially if involved in a dispute. My team can provide information about how the Commission may be able to assist, or refer you to our services and support.

I also encourage small businesses to explore the benefits of integrating AI into their operations, while remaining cautious about potential drawbacks. The Commission’s recent submission to the Select Committee on Adopting Artificial Intelligence recognises AI technology’s promise for enhancing competitiveness, but constraints on time and resources may hinder small businesses from fully leveraging these tools. Our guide ‘Can Artificial Intelligence help your business?’ provides an overview of how AI can help your small business as well as some of the risks and challenges you may encounter.