22 May An Engaged Government: Hon Julie Bishop and Hon Michael McCormack
A very well publicised government budget demonstrates the continual commitment government seeks to support small business. With Kenneth Arrow’s (joint Nobel Prize winner for economics 1972) “Arrow’s Impossibility Theorem” in relation to the complexities of welfare economics (individual and social order of preferential application of resources), there is plenty of anecdotal evidence that policy is being directed to support small business in metro, regional and rural communities.
An intimate lunch held in Wagga Wagga recently with the Minister of Foreign Affairs (Hon Julie Bishop), hosted by the Minister of Small Business (Hon Michael McCormack), was affirmation of this commitment. We were all fortunate to share and collaborate what we thought what was important for small business.
Robinson Sewell Partners (Ian Robinson) articulated that there was a very high level of business acumen and pedigree within rural and regional Australia first and foremost. Agricultural, commercial, industrial, professional, retail to name a few. In addition, that business in rural and regional areas comprised a healthy mix of both domestic and export industries (with value chains linking the two).
Our contribution to this discussion was a focus on allowing further supportive pathways for capital to move more efficiently to these businesses which will allow further reinvestment in expansion and innovation (leading to job creation and community growth). Export Finance and Insurance Corporation (EFIC) is used as a great government initiative in allowing export businesses to access capital where banks cannot provide support. Extending this capability to small-to-medium business that are not export focused would provide extensive reach into the heart of Australian business, as well as employment and social community benefits.
Other very interesting topics were discussed. Foreign diplomacy and Free Trade Agreements (FTA’s) in relation to current global events, navigating policy directives through the disruptive forces of “fake news”, evidence based decision making, education to name a few.
Thank you again Hon Michael McCormack for hosting such a wonderful event.