Posted September 21, 2018 08:05:06 A business lawyer in Australia says the lottery is the biggest win for Australian businesses in decades.
“Lottery winners have now been able to get their businesses out of the shadow of the Commonwealth Government,” Professor Paul Houghton from Monash University said.
“That’s a huge victory for Australian business and a big win for the Commonwealth.”
Professor Houghtons book, Lottery Law: Winning and Losing the Game, was released this week, and has been praised for its thorough analysis of the rules for the jackpot and the lottery’s potential impact on Australian businesses.
Professor Hroughton, who has been studying lottery winners for more than 30 years, said there were two main factors at play when it came to winning the jackpots.
“One is that the government has changed the rules of the game to allow people to win the jackets more easily,” Professor Houghtons told ABC Radio Melbourne.
“Secondly, it’s been designed to reward winners who are willing to be more cautious and to be less risk-averse in terms of taking risks.”
Professor James McGlinchey from the University of NSW said the changes were also an important step towards encouraging businesses to invest in the new machines.
“The government is trying to create a sense of certainty for businesses and they have a duty to the economy to promote investment in these machines, which will enable them to produce more value for the Australian taxpayer,” Professor McGlenchey said.
Professor McGrath said the government had “put some real pressure” on businesses.
“If they’re willing to go through some risk and risk-taking, they are going to see an increased return from the machines,” Professor MacGrath told ABC News Breakfast.
“So the new rules that they have put in place are quite challenging for businesses to operate and will definitely help some businesses, but there’s no doubt that the big winners are going ahead and the losers are going out.”
The federal government will pay $3 billion in lottery revenue over four years.
“We are also going to give the government another $1 billion over four to five years to support small business and start-ups, as well as a number of other small businesses, to be able to grow and hire,” Minister for Small Business Brendan O’Connor said in a statement.
“Small businesses are key to Australia’s economy, so it’s great to see the Government investing in their growth and making sure that we are giving them the resources they need to grow.”
Professor McGlynn said there was a positive aspect to the changes for business owners.
“Businesses can start to see a boost to their revenues as they have more people in the workforce and the opportunity to be paid more,” he said.
Mr O’Brien said the Government had also created a mechanism for businesses that wanted to take advantage of the changes to apply for a new lottery card.
“A number of small businesses have had their business licences cancelled and they’re applying for an interim licence, so that they can continue to operate,” Mr O”Brien said.
However, Mr OBrien said there is a risk of a backlash from businesses that are trying to take on the government.
“There’s a bit of a sense that they’re trying to do business with the Commonwealth, and if they do they are really going to be under the thumb of the Government, and they can see that the Government is trying their best to do the right thing and that’s really going against their business interests,” he told ABC Breakfast.