On this year’s World Micro, Small and Medium Enterprises Day, the Albanese Labor Government acknowledges the incredible contribution of Australia’s 2.5 million small businesses.
Australia’s small businesses employ more than 5 million people and contribute more than $500 billion to the economy.
The Albanese Labor Government is backing Australia’s small businesses to succeed, and the recent Budget outlined more than $640 million in targeted support in the Small Business Statement.
This targeted support will help to ease pressure, support small businesses to grow, and level the playing field and it includes:
- Providing an additional $3.5 billion of energy bill relief to households and small businesses through the Energy Bill Relief Fund.
- Helping to support small business growth and investment through extending the $20,000 Instant Asset Write‑off through to 30 June 2025.
- 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.
- Providing $25.3 million over four years from 2024–25 to improve payment times for small businesses, helping improve cash flow and boosting productivity.
Earlier this week the Parliament passed the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (the Bill).
The Bill will implement a $20,000 instant asset write‑off for assets first used or installed ready for use between 1 July 2023 and 30 June 2024.
The Bill also implements the Small Business Energy Incentive, a 2023–24 Budget measure designed to help small and medium businesses save on their energy bills.
The Albanese Labor Government will continue to work hard to support small businesses, and ensure they remain at the centre of our decision making.
Quotes attributable to Minister for Small Business, Julie Collins MP:
‘Micro, Small and Medium Enterprises Day is a fantastic opportunity to reflect on the incredible contribution that Australia’s small businesses make across the country.
‘Not only do small businesses employ millions of Australians, they contribute more than $500 billion to our economy every year.
‘Labor is the party of small business.
‘On Micro, Small and Medium Enterprises Day – and on every day of the year – our Government will continue to deliver a better deal for Australia’s small businesses.’