LABOR AXES NEARLY $1 BILLION IN BUSINESS ASSISTANCE
The Member for Berowra, Philip Ruddock MP said today that the small business community in his electorate has been completely surprised after the Rudd Labor Government’s Budget axed nearly $1 billion in business assistance programmes that help innovate and build entrepreneurship. These include:
• The $700 million Commercial Ready programme supporting innovation and commercialisation by providing around $200 million each year in merit-based grants to small and medium sized enterprises.
• Building Entrepreneurship in Small Business programme, worth $10.5 million which provides skills development, incubation and advisory services to small business owners and managers throughout Australia.
• The Small Business Field Officer programme strategically placed 65 officers at different locations across Australia to provide a one-stop-shop for small businesses wanting free advice on how to improve their business.
• The National Nanotechnology Strategy to give Australia world-class nanotechnology capabilities for business and careers within Australia.
• Industries Development programme increased opportunities for innovative, and market-oriented, industry development by providing small to medium-sized agribusiness with competitive funding and scholarships. Other elements of the programme encourage learning across agribusiness-related industries.
• The Global Opportunities programme assists Australian industry to link into global supply chains and bid for work on major international projects. It also encourages multinational enterprises to make further investments in Australia.
• The Innovation Ambassador programme, at a cost of $5 million, encouraged innovation and entrepreneurship, particularly amongst small business and young Australians to help spread the word.
• Entrepreneurs Tax Offset of up to 25 per cent to help small businesses with an annual turnover of less than $75,000.
• New Business Intensive Assistance programme to assist business owners who may not be familiar with GST, BAS, and general book keeping requirements.
“What’s clear is Labor does not believe in small business, and after just seven months at the helm,” Philip Ruddock said.