New Labor government yet to provide Tamworth businesses with confidence as caution remains high

After battling through COVID-19 and lockdowns, many Tamworth owners and operators were keen to get a move on and bounce back strong, but were met with traditional financial issues, like rising interest rates.

Trent Balderston, a financial advisor at Bell Partners, said while a majority government is a good thing for businesses, there are a number of questions they need answered before making any long-term changes.

"Where it was looking like there might be a hung parliament, that was causing a bit of concern, but at least having a government that can govern on their own is a relief for people," he said.

"Definitely, there is some caution around, but has that changed in the last couple of weeks.

"I wouldn't say people are much more comfortable. I think they're probably waiting on a few more interest rate decisions, or potentially a mini-budget from Labor to go 'what are we actually looking at'."

Business caution has been high since the start of the year, he said, with operators checking things like interest rates and inflation figures every month or quarter, whereas previously they may have not looked at them in years.

Mr Balderston did note, however, those issues are actually part of a long-term business cycle, and a number of new owners or young entrepreneurs are just coming across them for the first time.

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Tamworth Business Chamber president Stephanie Cameron said local outlets will be impacted by any changes Labor does enforce, and there are a few that will have a particularly large affect.

"One of their policies is to decrease the average contract payment time of 37 days, so that will be helpful to business, if we can get paid within that 14 to 30 day bracket," she said.

"Apparently they're going to cut the red tape and cut the paperwork for small businesses, because eight out of ten small businesses find government regulation overly complex."

Tamworth businessman Jye Segboer, who owns venues including Hopscotch Cafe, Pig and Tinder Box, CH Boutique Hotel and Deco Wine Bar and Restaurant, said less bureaucracy would be appreciated, but he'll believe it when he sees it.

"I think it's something that every government says they're going to do, whether it's from a state or federal level, to make it easier for business, but very rarely do we see that transpire into anything tangible," he said.

"It seems to be the promises are always there and they make announcements, but red tape continues to still be a very time consuming issue for a lot of businesses, and there's not enough education or support out there."

Taking away the huge costs and requirements to bring in skilled overseas workers would be a good start, Mr Segboer said, especially given the skills crisis facing the industry at the moment - particularly in regional areas.

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