Small business is the real winner in this budget. The Queensland Government continues to implement a variety of small business support plans under the Advancing Small Business Queensland Strategy 2016-20, with $22.7 million being invested to empower small businesses in a changing economy.
Advancing Small Business Queensland Strategy 2016-20 – $22.7M
Through the delivery of priority grants and programs to support small businesses, Advancing Small Business Queensland Strategy aims to empower small business owners to succeed, start, grow and employ. Key programs providing assistance to the estimated 437,000 small-medium businesses in Queensland include:
Business Development Fund – $40M
In additional funding to help turn ideas and innovations into a commercial reality, Business Development Fund enables the development of a supportable private market for venture capital Finance in Queensland.
Payroll tax – Apprentice and Trainee rebate – $26M
Apprentice and Trainee rebate delivers an extension of the 50% payroll tax rebate for apprentices and trainees to 2019. Since the rebate started in 2015-16, over 4,600 businesses have claimed over $50 million value from the rebate.
ecoBiz Program – $3.94M
An additional investment in the ecoBiz program will support small and medium businesses to become more eco-efficient and runs in partnership with Industry Queensland and the Chamber of Commerce.
Business investment in Queensland is rebounding, and through the help from a range of renewable energy projects, investment will be a key driver of growth for the economy. The 2018-19 Queensland Budget provides much-needed funding to help small businesses to evolve and adapt, create jobs and boost the economy.