14 BUSINESS NEWS THE FEDERAL GOVERNMENT’S 202425 Budget was a nothing event for small businesses struggling to stay afloat midst government induced cost increases. Key announcements included: • The extension of the $20,000 instant asset write-off for depreciating assets until 30 June 2025, • A $325 energy bill relief rebate for eligible small businesses, • Removal of 457 ‘nuisance’ tariffs on a range of imported goods from July 1 to help reduce compliance costs, • Investment into 20,000 free TAFE places in courses relevant to the construction sector, in addition to the 300,000 feefree TAFE places in areas of priority skills. Industry Growth Program $392.4 million has been committed to the Industry Growth Program which aims to help small to medium-sized start-ups commercialise their business ideas and grow their operations. The program will provide business grants and mentorship programs. Defence industry grants $183.3 million will be invested in defence industry grants to support small and medium businesses. This includes the development of the Defence Industry Development Grant Program that aims to provide more opportunities and reduce the administrative load on small and medium business owners. Increased contract opportunities To help small businesses increase their opportunities to win Government contracts, the Federal Government will be reviewing and simplifying its procurement process. Cyber security support In order to help small business owners build their in-house capability to protect themselves from cyber threats, the Federal Government will: • Continue to facilitate the Cyber Wardens program, providing free online training for small business owners and their staff. • Provide funding to the Small Business Cyber Resilience Service, which helps businesses build their cyber resilience and provides support when businesses are affected by a cyber incident. • Fund the Cyber Health Check interactive tool that will help businesses assess their cyber security maturity. Small business support programs; The Federal Government will continue to fund the NewAccess for Small Business Owners mental health program and the Small Business Debt Helpline. Both services provide free and confidential support to business owners across Australia. Funding has also been committed to: • Implementing a government response to the recent review of the Franchising Code of Conduct. • Funding to support the Fair Work Ombudsman to assist small businesses to understand and comply with workplace relations changes. • $10 million in support of employers administering the paid parental leave scheme. The Council of Small Business Organisations (COSBOA) said small businesses are lamenting the lost opportunity in the 2024 budget to back 2.5 million organisations currently suffering from the cost-of-doing-business crisis and increasing regulatory requirements. Making up 97 percent of all Australia’s business landscape, small businesses play a crucial role in sustaining more than 5 million jobs. Currently 43 percent of small businesses are not profitable and are facing a perfect storm of rising costs and complexity. In this context, it is disappointing that further relief and encouragement for small business was not front and centre in the Federal Budget 2024. Energy relief rebate a joke As noted in the NSW Business Chamber’s NSW Business Conditions report on Page 8 of this issue Energy costs are at the top of the list for concerns about business costs. All business operators contacted by CCBR said that the $325 energy bill relief rebate is but a drop in the ocean and goes nowhere near addressing the rising costs of electricity and gas. Budget review – what it means for Central Coast businesses Get a higher return on your ad spend with CCBR Call Edgar Adams now on 0404 472 571 or email: edgaradams@ccbusinessreview.com.au HERE’S WHY ADVERTISING IN CCBR WORKS... • Readers actually see your ad! • Most widely read and trusted business publication on the Central Coast • Surveys show 94% of readers are likely to contact advertisers • Quality content guarantees readers retain their CCBR’s over 3 months • Reach over 20,000 business readers each month Stop Paying too much for tyre-kickers on Google Ads Advertise in CCBR CENTRAL COAST BUSINESS REVIEW JUNE 2024
RkJQdWJsaXNoZXIy MTI3ODI1