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Federal Budget Benefits for Business – Key Highlights

Federal Budget Benefits for Business – Key Highlights

(17 May 2024 – Australia) The government will introduce the Future Made in Australia Act and establish a National Interest Framework to identify priority industries that will guide the government’s investments worth $22.7 billion.

CBA’s Federal Budget commentary reveals new power bill relief will extend to small businesses with approximately one million small businesses set to receive A$325.

 

Funding towards the government’s infrastructure investments is flagged to increase by A$2.9 billion over five years from 2023/24. Western Sydney is a key beneficiary of increased spending, as well as Southeast Queensland.

 

“It’s pleasing to see the Federal Budget includes initiatives to help small businesses free up cash flow, including a A$290m investment to extend the A$20,000 instant asset write off for small businesses” commented CBA Group Executive, Business Banking Michael Vacy-Lyle .

 

“The Government also announced support for the wellbeing of small business owners and power bill relief to lower energy costs for one million small businesses, which are both welcome initiatives to help the Australian business community.”

 

The Government also announced it will provide A$20.5 million to the Fair Work Ombudsman to help small businesses understand and comply with recent workplace relations changes.

 

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson says the federal budget offers targeted measures to help small and family businesses deal with current pain points and headwinds.

 

“Any help is welcome. Small businesses have got higher input costs squeezing their margins. You've got the budget forecasting a tapering, you know, pretty sluggish growth. It's tough to make a dollar out there Dusty and there’s no sloppy margins for any small business that I've been speaking with or that I've heard about. So, these assistances are important” commented Mr Billson.

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