While the Labor Government and its supporters are celebrating a significant and deserved win today – announcing the first Federal Budget surplus ($4.2b) since 2007 – there are mixed reviews on what it means for SMEs and start-ups.
The Federal Government acknowledged the impact of cyber threats, providing a $23.4 million program to support SMEs to “build resilience” against cyber attacks.
Industry body, the Council of Small Business of Australia (COSBOA), described the place of SMEs in the budget as: “not on the sideline, not in the spotlight”. COSBOA Chair, Matthew Addison, says while the budget acknowledges the role that SMEs play in the wider economy, here is a need for “greater focus on empowering them, promoting entrepreneurship and providing enhanced reasons to commence and remain in business”.
"However some businesses are critical of some Budget measures. Huon Hoogester, MD of solar company Smart Commercial Solar says the $310 million Small Business Energy Incentive “will be wasted on businesses that could already afford to spend that extra money,” as the vast majority don’t have spare cash to spend on non-core business items in the current climate.
“Forgive my skepticism…but 95% of small businesses are not the ones that have the spare cash to be spending on non-core business items at this point in time. So, this money will be wasted on businesses...
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