Australia Million Investment Tender

The Morrison Government is investing almost 20 million over four years to develop a new reporting application which will save small to medium sized businesses time and money.The Governments investment will support the Australian Bureau of Statistics ABS to release the new reporting application to enable businesses to submit surveys on key business indicators directly through their accounting software.Assistant Treasurer Michael Sukkar said as the Australian economy recovers we are re-doubling our efforts to minimise the burden on business.From March next year eligible businesses will be able to complete the current Quarterly Business Indicators Survey through their accounting software the Assistant Treasurer said.This will reduce the time it takes business to provide vital performance data by around 70 per cent and save an approximate 4.4 million per year.Performance data is absolutely critical in providing insights into how the Australian economy is performing.Minister Assisting the Prime Minister and Cabinet Ben Morton said this is a sensible measure that strengthens Australias plan for a business-led economic recovery.This will significantly reduce the reporting burden on businesses Minister Morton said.For up to 55000 businesses this will slash the time it takes to report from around one hour to just five minutes saving business owners around 60000 hours a year in total.As part of the new initiative the ABS will provide tailored reports back to businesses to help them understand their performance against similar businesses.