Productivity Roundtable: What It Means for Your Business
The Federal Government is hosting a Productivity Roundtable in Canberra, focusing on lifting national productivity. For business owners, the key question is: What does this mean for my business?
Why Productivity Matters
Productivity growth drives living standards, wage growth, and business competitiveness. Australia’s productivity has flatlined, and the government aims to reverse this trend. Businesses are at the core of improving productivity and can play a crucial role by:
- Doing more with less
- Streamlining operations
- Investing in tools and talent
Roundtable Focus
The Roundtable will address:
- Making the economy more productive
- Building resilience amid global uncertainty
- Strengthening the budget and tax reform.
Implications for Your Business
While we hope for positive changes, businesses shouldn’t wait for government action. Here are some focus areas for your business for FY 2026:
- Set Goals and Measure – Clear direction and monthly monitoring can drive quick changes.
- Build Strong Teams – A talented, flexible workforce with low turnover boosts productivity and profitability.
- Invest in Technology – New technologies can improve efficiency and drive growth. Research what new digital products are available in your industry.
In our experience, business owners who lead their business with small changes in productivity improve their cashflow, sustainability and profitability. If you’re looking to boost productivity, we’re here to help with some bright ideas.
The Macro Group
Date: 19/08/2024
The Macro Group Limited AFSL:485843 Tax Agent Number 24 76 5236.
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