Summary of Budget Support and Commitments for SMEs, Sustainability, and ESG Measures

City of Melbourne DRAFT Budget 2024 – 2025

Executive Summary

The City of Melbourne's 2024-25 budget outlines significant investments and commitments aimed at supporting small and medium enterprises (SMEs), advancing sustainability initiatives, and enhancing environmental, social, and governance (ESG) measures. These strategic allocations highlight the city's dedication to fostering economic growth, promoting environmental resilience, and ensuring social equity.

1. Support for Small and Medium Enterprises (SMEs):

• Business Concierge Service Expansion: Allocation: $1.6 million Purpose: Expansion of the Business Concierge service to provide one-on-one case management to more local businesses beyond the CBD, ensuring businesses have the tools and support they need to succeed.
• Precinct Associations Support: Allocation: $1.2 million Purpose: Support for precinct associations to foster local business communities.
• Small Business Grants Program: Allocation: $500,000 Purpose: Grants to support the start or expansion of small businesses.
• Aboriginal Community and Small Business Grants Program: Allocation: $150,000 Purpose: Specific grants aimed at supporting Aboriginal community businesses and small enterprises.

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2. Sustainability Initiatives:

• Green Open Space Development: Allocation: $49.8 million Purpose: Investment in converting concrete spaces into parks and public squares, including specific investments like a new green open space on Normanby Road and expansions at Miles and Dodds Street Reserve.
• Parks and Gardens Maintenance: Allocation: $30 million Purpose: Protecting and maintaining parks and gardens.
• Tree Planting Initiative: Allocation: $1.7 million Purpose: Planting an additional 3,000 trees across the municipality to enhance urban green spaces.
• Power Melbourne Battery Storage Systems: Purpose: Installation of three battery storage systems to support the transition to 100% renewable energy by 2030.
• Retrofit Melbourne: Allocation: $281,000 Purpose: Supporting commercial building retrofits to enhance sustainability and move towards a zero-carbon target.

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3. ESG (Environmental, Social, and Governance) Measures:

• Urban Forest Strategy: Purpose: Initiatives to increase tree canopy, private greening incentives, and overall city greening.
• Climate and Biodiversity Emergency Action Plan: Purpose: Implementation of actions to address climate and biodiversity emergencies declared by the city.
• Circular Economy Development: Purpose: Leadership in waste reduction and diversion, support for the container deposit scheme, and development of alternative waste technologies.
• Support for Renewable Energy: Purpose: Development of battery storage and renewable energy projects within the municipality through initiatives like Power Melbourne.

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The 2024-25 budget demonstrates a strong commitment to supporting SMEs, advancing sustainability initiatives, and implementing robust ESG measures. The allocation of substantial funds towards these areas indicates a proactive approach to fostering business growth, enhancing environmental resilience, and promoting social equity.

The investments in expanding business support services, creating green spaces, and advancing renewable energy projects reflect a strategic vision aimed at building a sustainable and thriving future for Melbourne.

This budget sets a solid foundation for continued economic growth, environmental stewardship, and social responsibility, ensuring that Melbourne remains a vibrant and liveable city for all its residents and businesses.

Read The Full Draft Budget HERE

Citations:

• Expansion of Business Concierge Service and Support for Precinct Associations, Small Business Grants
• Investment in Green Open Spaces and Parks Maintenance
• Tree Planting Initiative and Power Melbourne Battery Storage Systems
• Retrofit Melbourne and Urban Forest Strategy
• Climate and Biodiversity Emergency Action Plan, Circular Economy Development