Australians are being encouraged to shop local this festive season to support small businesses across the country.
The Minister for Small Business, Julie Collins, has used the last day of Parliament for 2023 to call on Australians to back our small businesses this festive season.
Australia’s millions of small businesses are the engine room of our nation’s economy. They put pay cheques in pockets, employ more than 5 million Australians while contributing more than $500 billion to our nation’s economy.
With Australians set to spend billions of dollars this festive season, it’s a great time to support small businesses.
The Albanese Labor Government is backing Australia’s small businesses to succeed.
Just this week, the Government announced new plans to hold large businesses to account and improve the payment times to small businesses.
These new reforms will be a shot in the arm for small businesses with faster payment times improving cash flow, alleviating administrative burdens and reducing financing costs.
These reforms are just one part of the Albanese Labor Government’s agenda to support small businesses, which also includes:
- The $310 million Small Business Energy Incentive, which will provide businesses with aggregated annual turnover of less than $50 million access to a bonus 20 per cent tax deduction on up to $100,000 of eligible spending that supports electrification and more efficient use of energy, until 30 June 2024.
- Targeted energy bill relief with up to $650 for around 1 million small businesses – in partnership with states and territories.
- The $20,000 instant asset write-off, which is available until 30 June 2024 to small businesses with aggregated annual turnover of less than $10 million, and will provide $290 million in cash flow support over four years.
- More than $20 million for two new programs, the cyber health check program and the Small Business Cyber Resilience Service, to help small businesses build their resilience to, and bounce back from, cyber attacks.
- This is in addition to the existing $23.4 million, our Government is committing to the Cyber Wardens program delivered by the Council of Small Business Organisations Australia.
- $18.6 million for providers of the Digital Solutions program to help small businesses adapt and build resilience through digital technology.
- $15.1 million for small businesses to access free mental health and financial counselling services.
Quotes attributable to Minister for Small Business, Julie Collins:
“Labor is the party of small business, and we want to help make Christmas the season of small business.
We’ve had a big year of delivering for Australia’s hard working small businesses, including our announcement this week of action to ensure small businesses are paid on time.
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.
Whether you’re buying presents for loved ones or shopping for your holiday feast, think about using your dollars to support local businesses in your community.”
