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Budget paves way for small business-led national economic recovery
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson says the Federal Government’s 2021 Budget is a clear acknowledgement that small and family businesses are central to the nation’s economic recovery and future prosperity.
The Budget includes several new, extended and enhanced measures to support small businesses including:
$129.8 million to encourage entrepreneurship through the New Enterprise Incentive Scheme (NEIS) and Entrepreneurship Facilitators Program
$1.2 billion investment in the digital economy
$10 billion guarantee of reinsurance pool to cover cyclone and flood damage across Northern Australia
$506 million extension of federal government’s JobTrainer program
The Australian Small Business and Family Enterprise Ombudsman
The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has called on the Federal Government to implement the recommendations in her Insurance Inquiry, saying too many small businesses are being forced to close their doors because they can’t get public liability insurance.
Ms Carnell says the government needs to take urgent action to ensure small businesses can access essential insurance products such as public liability.
“Throughout the course of our inquiry, hundreds of small businesses told my office they face closure if insurance remains unavailable to them,” Ms Carnell says.