The Albanese Labor Government is delivering a better deal for Australia's small businesses and laying the strong foundation for future growth in our economy.
The Government's Small Business Statement in the Budget outlines more than $640 million in targeted supports for small businesses to ease pressure, support small businesses to grow, and level the playing field.
These investments will ease the pressure on Australia's 2.5 million small businesses with more than $640 million in practical and targeted support.
Australia's small businesses employ around 5.2 million people and contribute more than $500 billion to the economy, which is why the Albanese Government is investing in these crucial new supports.
Easing the pressure on small businesses
The Albanese Government is investing to ease the pressure on Australia's 2.5 million small businesses by:
- Providing an additional $3.5 billion of energy bill relief to households and small businesses through the Energy Bill Relief Fund. From 1 July 2024, the Commonwealth will deliver rebates of $325 to around 1 million small businesses.
- Committing $3.1 million over two years from 2024-25 to extend support available through the Small Business Debt Helpline.
- Investing $7.7 million over two years from 2024-25 to continue providing mental health support through the NewAccess for Small Business Owners program, so small businesses can access free and specialised help when they need it most.
More support for small business to grow
The Albanese Government is putting small business at the centre of future growth in our economy by:
- Helping to support small business growth and investment through a targeted twelve‑month extension of the $20,000 instant asset write‑off.
- Making sure small businesses play an important role in our plans for A Future Made in Australia.
Levelling the playing field for small businesses
The Albanese Government is helping to level the playing field for small businesses by:
- Responding to the Review of the Franchising Code of Conduct with a range of new initiatives, making franchising fairer for small businesses operating in the sector.
- Providing $25.3 million over four years from 2024-25 to improve payment times for small businesses, helping improve cash flow and boosting productivity.
These new measures build on the Albanese Government's record of delivery for Australia's small businesses, as detailed in our Small Business Statement.
We have acted to make it easier to do business, improved regulatory settings and helped small businesses make the most of digital technology.
We'll continue to work hard to support small businesses, and ensure they remain at the heart of the Albanese Labor Government's decision making.
