What the 2024 budget means for SMEs

Good evening from Ngunnawal land.A year after mentioning “small business” seven times in his second budget, Treasurer Jim Chalmers has tonight repeated the feat, though five of those mentions were simply flagging extensions to last year’s energy relief and instant asset write-off schemes .

That’s not to minimise essential, ongoing support for the under-pressure SME sector, including new investment to improve payment times , plus additional funding for a debt helpline and mental health support for small business owners .

Delivering a $9.3 billion surplus – the first back-to-back surpluses in two decades – the Treasurer emphasised, much like last year, that the government’s priority is cost of living relief.

The 2024-25 budget features tax cuts for every taxpayer . But framed in what Chalmers described as “fraught and fragile global conditions” it is most notable – back-to-back surpluses aside – for Labor’s gigantic $22.7 billion bet on the (green) future.

Chalmers described the move to net zero by 2050 as a “golden opportunity for Australia”, with exciting pathways for innovative startups and small businesses ?to help make the nation a renewable energy superpower, including a new $1.7 billion Made In Australia Innovation Fund announced ?tonight.

What does the budget mean for Australia’s 2.5 million small businesses and startups?

We’re here to explain, thanks for joining us.

Simon Crerar

Editor in chief, SmartCompany