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MYOB: Small business is unhappy with both sides of the government

Photo by Chris McGrath/Getty Images

In what could be a troubling indication of the electoral mood just a few days before the federal election, MYOB has released survey findings showing that only 20% of small and medium business owners are satisfied with the level of support they get from the federal government.

In its latest Business Monitor, which surveyed 1000 businesses, MYOB found that satisfaction levels have fallen from 30% last October while the dissatisfaction level has climbed back to 32%.

That means that in a constituency the government claims as its own, more business owners are unhappy with its performance than satisfied.

MYOB noted that “higher dissatisfaction was noted by Baby Boomers (37% compared to 22% of Gen Y operators) and small businesses (45% compared to 29% of sole operators). Transport, postal and warehousing businesses were also more dissatisfied (47%).”

But just because small business owners are unhappy with the Turnbull government doesn’t mean that Labor leader Bill Shorten and his team can take succour. The survey clearly shows the levels of dissatisfaction levels among business were much higher under the previous government.

MYOB noted in the release which accompanied the survey that:

The results tell two stories. On the one hand, the Government remains far more popular amongst SMEs than its predecessor. However on the other, as the Government lobbies for pre-election support from this crucial business sector, dissatisfaction levels in the past six months have increased.

To a certain extent, the survey is a little historic as it was taken prior to the budget. And it’s possible, given 68% of respondents said making the $20,000 instant asset write-off a permanent policy was the number one initiative they would vote for, that satisfaction levels are higher than they were when surveyed.

But what the survey shows historically is that both sides of politics need to work harder to increase satisfaction levels amongst this key area of economic activity and employment in the economy.

Now listen to this week’s Devils and Details podcast, we’re joined by Michael McCarthy, chief markets strategist at CMC Markets, to discuss the economic backdrop to the decision facing voters at the polls.

NOW WATCH: Money & Markets videos

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