Regional small business confidence on the improve

Queensland’s business confidence index for small to medium businesses (SMBs) reached its highest level since March 2010, recording a result of +43 points in the December quarter 2016.

Acting Small Business Minister Kate Jones said the Sensis Business Index report released today showed statewide business confidence up four points from the September result and up eight points over the year.

“This is the best result for almost seven years with the survey showing business confidence was significantly higher in Brisbane (+54) than in regional areas (+36), however the gap between the capital and regions narrowed for the second consecutive quarter,” Minister Jones said.

“Business confidence is vital to the vibrancy and economy of regional communities, so I’m pleased to see this survey showing some positive momentum.

“Importantly too, statewide small-to-medium business expectations for the March 2017 quarter were positive across the board with sales (+20), employment (+9), wages (+17), prices (+9) and profitability (+11) all looking good for small business operators.

“With Queensland’s economic growth leading the nation, Labor’s policies have positioned Queensland for success after the LNP wreaked havoc in Queensland.”

However, Ms Jones also said the Sensis survey highlighted that there was more work to be done, especially in the State’s regions.

“That’s why the Government is offering a higher incentive to Queensland businesses to employ apprentices and trainees through our Payroll Tax Rebate,” she said.

“For this financial year any employer in Queensland with apprentices or trainees on staff will now be able to claim a 50 per cent rebate.

“The doubling of the rebate for hiring apprentices and trainees makes Queensland’s payroll tax system even more attractive.

“Our $100 million Back to Work regional jobs package, including the Youth Boost currently underway, also aims to support up to 8,000 jobs in regional Queensland.

“I would encourage regional small business employers to take advantage of these schemes and the significant payments available for taking on an unemployed person.”

Some other Palaszczuk Government initiatives to assist small businesses include:

• $22.7 million Advancing Queensland Small Business Strategy 2016-20 that is creating the right environment for small businesses in the state to start, grow and employ.
• $3 million in grant funding over three years to established Queensland-based small businesses to engage business mentors, coaches, or an advisory board for 6-12 months.
• $6 million over three years for the Small Business Digital Grants program would help small business boost their digital skills, empower them to innovate and take up new technologies.
• $10 million over three years through the Advance Queensland Ignite Ideas Fund investing in startups and small businesses with innovative ideas to accelerate the development of new products and services with high growth potential.
• $8 million Advance Queensland Knowledge Transfer Partnerships program fostering collaboration between universities and small business by placing university graduate in a business for 12 months to work on an innovative project.
• Expanding the Mentoring for Growth program which provides small businesses with access to expert advice to find solutions to challenges faced by specific small business owners and operators.
• $5 million Advance Queensland Small Business Innovation Research funding program to help innovators from small and medium enterprises (SMEs) secure government contracts to develop and test cutting edge products and technologies.
• The Testing Within Government (TWiG) program supporting Small to Medium Enterprises (SMEs) to improve the positioning of their ICT products to address business problems, while collaborating with the Queensland Government.

Contact: Treasurer’s Office – 0419 945 546