The complex nature of Australia’s regulatory environment is placing an excessive burden on public practitioners and their clients – and a landmark study from CPA Australia shows that those in regional areas risk being hit the hardest.
CPA Australia’s Regulatory Burden Report reveals that almost 67% of regional public practitioners feel that resources spent on compliance today are higher than three years ago, compared to 55.6% of those in metropolitan areas.
The report also shows that the appetite for advice is greater in the regions than in metropolitan centres. More than 34% of regional SMEs would like their accountants to provide financial planning advice, compared to 24.1% of SMES in cities. This is also the case for almost 42% of regional consumers, compared to 37.3% in cities.