What was in the 2024 Federal Budget for Small Business?

by | May 15, 2024 | Business Building Musts, Small Business Help

What was in the Federal Budget for us here in small business land, especially in rural and regional areas? It was definitely a budget handed down to help with the cost of living and, as the numbers tell us, help big mining companies.

For our regional, rural, and remote small business communities, we saw an investment of $777.4 million allocated in the budget to develop 3000 new local jobs, services, and economic opportunities in remote regions around the country through the Community Development Program.

A budget commitment of $68 million is to be spent rolling out Wi-Fi in remote communities, which we all know will help us operate our businesses more effectively online. This alone will open up many opportunities for small businesses and hopefully ensure the innovation startups, as good Wi-Fi services is such a limiting factor for success in our regional and rural communities.

And for small businesses, wherever they are located, we’ll receive a $325 energy rebate and continue to be able to write off assets valued at up to $20,000 for at least another 12 months until June 30th 2025. These are just two ways the federal government looks to reduce cost pressures across the economy.

More investment into improving payment times to small businesses, $25.3 million and another $23.3 million to increase eInvoicing adoption. If you’re not sure what eInvoicing is, then take a listen to my podcast interview with the ATO all about eInvoicing.  You can listen to episode 204 here: https://bit.ly/eInvoicingATO

But with 1136 businesses failing in March, 555 failing in January, and 968 in February, is there enough in the budget to help small businesses survive? [data according to ASIC].

It’s hard to grow the economy, and small businesses contribute 32% to our GDP, and grow wages when so many businesses are struggling to survive.

The Federation Government has recognised the struggle of many small businesses to hire and retain staff over the past few years and is investing in skills and education. We’ll see $90 million for 20,000 additional fee-free TAFE and VET places with a focus on industries like construction, for example.

And there was some good news if you’re business has a focus on innovation and sustainability, with the introduction of Future Made and a budget of $22.7 billion. The package includes production tax incentives, and funding for innovation, particularly in green industries. The package offers opportunities for small businesses to more effectively innovate and adapt to new technologies.

The Federal Government is investing in digital innovation like the Cyber Wardens program, which provides free online training for small business owners, and the Small Business Cyber Resilience Service to help small businesses build their cyber resilience, including providing assistance if they have a cyber incident.

Some other investments that have come out of the budget which may stimulate the small business economy in the long term are things like investments in streamlining construction, building, and design to stimulate local economies and create opportunities for small local businesses.

Chalmers also announced measures to boost competition and reduce compliance costs, which will hopefully reduce barriers to entry and reduce red-tape burdens, especially on business owners attempting to be more innovative and be less mainstream.

And lastly, some positive investment, changes to the Paid Parental Leave scheme, and $10.8 million to support the mental and financial wellbeing of small business owners.

So, all-in-all, not much innovation for small businesses owners, not startling new but because small business owners are also feeling the bite of the economy in their personal lives as well, having a “cost of living budget” will see them receive some relief in the homes, if not their businesses.

What did you think of the Federal budget? Did I miss anything? Did you think it was good, bad or indifferent? Let me know the comments below.  Personally, I thought it was indifferent.


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Brilliant – it’s on its way – thanks!


Brilliant – it’s on its way – thanks!


Brilliant – it’s on its way – thanks!


Brilliant – it’s on its way – thanks!

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