Supercharging small business success with $39 million budget investment

The Palaszczuk Government delivered record support to small businesses during the pandemic and those programs have been so successful that a new $39.1 million investment will be locked in for the next four years and beyond to supercharge success for the small business community as it moves from recovery into a strong growth period.

Minister for Employment and Small Business Di Farmer said the government would also deliver relief to small-and-medium-sized businesses through payroll tax cuts.

“More than 12,000 businesses with payrolls under $10.4 million will save up to $26,000 per year,” Minister Farmer said.

“With the most competitive tax system on the east coast, the state Labor Government is focused on making it easy to do business in Queensland.

“From tax cuts to increasing skills and capability within small businesses, the 2022-23 State Budget supercharges the sector that is the backbone of our economy.

“High-demand, high-impact small business grant programs that have been so successful during the pandemic will be moved into permanent ongoing funding.

“In addition, we will guarantee ongoing funding to provide the Mentoring for Growth (M4G) initiative, a program that matches hundreds of volunteer business experts with small business operators to advise them free of charge,” she said.

“I am delighted M4G will continue to provide support to small business owners across the state because tapping into experienced business-minds can provide a fresh outlook, new ideas and can open the door to new opportunities.

“Our engagement with the small business community increased exponentially throughout the pandemic and businesses are keen to take every opportunity to use our services and programs.

“Since 2020, nearly 60,000 Queensland business have been supported by grants totalling almost $530 million, which is part of the $2.5 billion in small business support the Palaszczuk Government has invested to fuel the state economic recovery.

“This includes over $500 million in COVID-19 economic support to 55,000 businesses in 2020 and 2021 and more than $20 million in Big Plans for Small Business.

“We’re also rolling out a $6.75 million Small Business Wellness and Support package to engage six Small Business Wellness Coaches to help those businesses hardest hit by the pandemic and the recent floods.

“But it’s not just about the delivery of grants and high-quality support for Queenslanders, it’s also about creating economic growth and the right environment for small businesses to thrive,” Minister Farmer said.

“Support for employers, in particular the small business sector, will be a key area of emphasis for the Queensland Workforce Strategy, announced at the Queensland Workforce Summit in March 2022.

“It is expected the Queensland Workforce Strategy will include a focus on building partnerships with key industry groups to support employers and ensure Queensland leads the nation with a strategic approach to grow, build and develop its workforce.

“Queensland has golden opportunities on the horizon and ensuring we unlock the right people power will be key to our success.”

For more information about the State Budget visit budget.qld.gov.au.

ENDS

Media contact: Emma Renwick 0456 604 189