A re-elected Morrison Government will help create 400,000 small and family businesses and back programs to help them cut their overhead costs.
The new pledge to support the creation of 400,000 new small and family businesses over the next five years comes as the Morrison Government invests $17.9 million in the Business Energy Advice Program (BEAP) to help businesses navigate the electricity retail market and adopt more efficient technologies to reduce their energy cost.
“When we create small businesses, we create jobs,” the Prime Minister said.
“Our plan for a strong economy and a stronger future for all Australians relies on strong small businesses.
“That means keeping taxes at record lows, slashing red tape, backing trades training and apprentices, signing new trade deals to create new export markets, and ensuring businesses can tackle the overhead costs of electricity prices.
“We have the track record to set the conditions that help create businesses, and our ambitious pledge will see 400,000 more join our economy.”
New data from the ATO also shows the Morrison Government’s unprecedented tax incentives have driven $23 billion of business investment in the last year. With more than $21.8 billion of business investment from our expanded instant asset write off and an extra $1.2 billion paid through the loss carry back initiative, we’re still seeing the benefits flow today.
Notwithstanding the largest economic shock since the great depression, non-mining private business investment grew by 10.8 per cent through the year to the June quarter 2021, on the back of the Government’s business investment incentives. This is expected to continue with non-mining business investment forecast to grow by 7 per cent in 2021-22 and 9 per cent in 2022-23, reaching the highest share of the economy since 2011 in the June quarter of 2023. Overall our incentive programs are expected to support $320 billion of business investment and create an additional 60,000 jobs by the end of June 2023.
Minister for Industry, Energy and Emissions Reduction Angus Taylor said the expanded BEAP would benefit high energy using businesses in the accommodation, hospitality, agricultural, and our manufacturing sectors.
“Since we launched the BEAP in 2019, over 13,000 small businesses have accessed the service to learn more about their energy bills, to plan energy audits, identify energy savings opportunities and ultimately lower their power bills,” Minister Taylor said.
“Practical programs like this, alongside the Energy Efficient Communities program and the Hotel Energy Uplift program, have supported thousands of small businesses across Australia to invest in equipment upgrades and save money on their energy costs.
“The extra investment in the Business Energy Advice Program will see an extra 15,000 sessions and combined with our $60 million Powering Business program and the instant asset write off, we’re giving small and medium businesses the tools to lower their costs, increase their productivity and ultimately grow their businesses.”
The expanded Business Energy Advice Program will deliver advisory services to small and medium businesses as well as micro businesses (with 0-5 employees) affected by natural disasters and other hardships. The Government is also enhancing the BEAP small business energy check tool.
Minister for Employment, Workforce, Skills, Small and Family Business Stuart Robert said the Government continued to back small businesses to grow and create jobs as part of our plan for a stronger future.
“We’ve seen more than 100,000 small and family businesses start up in the last 12 months alone and we know what is needed to help create even more,” Minister Robert said.
“Our Plan reinforces our commitment to small and family business with a comprehensive package of measures to support small businesses to grow, innovate and create more jobs.
“It builds on our small business investment incentives, including a 20 per cent bonus tax deduction on the costs of external training for employees and a 20 per cent bonus tax deduction on investing in new technology, up to $100,000 per year.
“Our recent Budget also reinforces our commitment to small and family business with a comprehensive package of measures to support small businesses to grow, innovate and create more jobs.
“From $5.6 million for a dedicated small business unit in the Fair Work Commission to $8 million to the Australian Small Business and Family Enterprise Ombudsman making it easier to access expert advice, $4.6 million to extend Beyond Blue’s NewAccess for Small Business Owners program, $10.4 million to enhance and redesign the Payment Times Reporting Portal and Register, and $2.1 million for Financial Counselling Australia’s Small Business Debt Helpline making it easier for small business owners to receive financial advice.
“Labor does not support enterprise, aspiration or small business. Labor have repeatedly voted for higher taxes and higher costs for small business and want to return union lawlessness to the construction industry by abolishing the Australian Building and Construction Commission and the Registered Organisations Commission.
“With plans for $302 billion in extra spending proposed by Labor, we know that when they start spending they can’t stop. They can’t manage money so they always come after yours.”