ASIC's small business focus 'pleasing', says IPA

Last week, ASIC commissioner John Price announced the corporate regulator’s Small Business Strategy 2017-2020, detailing its three strategic priorities to “engage, assist, and protect”.

IPA chief executive Andrew Conway has welcomed the move, highlighting the need for small businesses to be afforded greater support in terms of financial literacy.

“It is very pleasing that ASIC is placing due attention on small business through its small business strategy with the focus on "assist, engage, protect," Mr Conway said.

“In particular, we support and encourage the effort to engage by promoting and supporting greater financial capability of small business owners.

“During our Small Business White Paper roadshow across Australia, the need for greater financial literacy by small business owners has emerged as a constant theme,” he added.

“We also support ASIC's actions as a regulator to protect small business through its activities to level the playing field by investigating and taking action against those who are not doing the right thing.”

The IPA is currently working on the second edition of the Small Business White Paper, aimed at exploring issues affecting small businesses and putting forward recommendations to boost productivity and prosperity.

As part of the White Paper development, the IPA is currently conducting a series of roadshows across Australia, with Adelaide, Parramatta, Queanbeyan, and Canberra due to come following visits to Perth, Geelong, Wagga Wagga, Brisbane, and Darwin.