Boothby is home to so many businesses that make our vibrant local economy.
That’s why the Albanese Labor Government is committed to doing more for business – because we know just how important it is.
Energy Bill Relief
We know businesses can the benefits that will flow from the global energy transition to sustainable forms of energy, and we want to support them in that.
That’s why our Small Business Energy Incentive provides a 20% deduction on spending for electrification and energy efficiency.
We estimate that around 86,000 small businesses in South Australia – a large percentage of which are in Boothby – are now eligible for the Incentive.
This incentive is helping businesses save on their power bills through smarter energy use, and making it easier for businesses to make long-term, energy-saving upgrades.
In addition to this, small and medium enterprises in Boothby who meet the definition of a ‘small customer’ will automatically receive $650 a year in energy bill relief.
We know the cost of living is putting pressures on businesses and so have partnered with the State Government to do what we can to help.
Improve Cash Flow
The Government has announced a $20,000 instant asset write-off to improve cash flow and reduce compliance costs for small businesses.
If you are a small business with an annual aggregate turnover of less than $10M, you will be able to immediately deduct eligible depreciating assets, if the asset costs less than $20,000 and the asset used or installed is ready for use between 1 July 2023 and 30 June 2024.
Energy Efficiency Grant Program
The Energy Efficiency Grant Program is providing $16 million to help small and medium businesses become more energy efficient, delivering grants of up to $25,000.
These include electrifying heating and cooling systems, upgrading to more efficient appliances, and installing batteries.
This is the kind of good policy that has been delayed for too long. It is good for business, good for the environment and good for our community.
We are also fast tracking the delivery of 456,000 new fee-free TAFE places across the country, to help workers get the skills they need so businesses can find qualified staff.
We also know that running a small business can take an immense personal and psychological toll and that this was particularly the case during the pandemic as business faced uncertainty and very difficult operating conditions.
That’s why we are investing $15.1 million to provide free mental health and financial support counselling services for small businesses owners.
This includes a free, confidential one-on-one mental health coaching program delivered by Beyond Blue.
Small business owners can receive up to 6 sessions via telehealth with a trained mental health coach who has a small business background.
You can find out more here: https://www.beyondblue.org.au/get-support/newaccess-mental-health-coaching/newaccess-for-small-business-owners.
Better complaints management
Currently there is no formal mechanism for consumer or small business advocacy groups to lodge complaints, to which the ACCC is obligated to respond.
We are introducing a Designated complaints function which will allow consumer and small business advocacy groups to submit a complaint where there is strong evidence of systemic issues under the consumer law.
Protection from cyber threats
One of the biggest threats facing small businesses today is the threat of cyber attacks.
That’s why we are introducing practical measures to guard small businesses against cyber threats through a $23.4 million program to help businesses train in-house cyber wardens.
National Reconstruction Fund
And of course, we are undertaking truly generational nation-building projects through our National Reconstruction Fund.
The $15b fund will is helping to secure Australia’s future prosperity and driving sustainable economic growth.
A strong and diverse economy underpins the government’s commitment to creating more sustainable, high-value jobs for all Australians.
The NRF will provide finance to projects in priority areas to leverage Australia’s natural and competitive strengths.
Through these priority areas of:
This will ultimately help Australian industry move up the value chain to:
Business and industry can count of this Government to deliver both the short term support and the long term investments they need to thrive.