South Australian budget focus on small business
The South Australian budget will be extending grants to small business, encouraging them to employ more people, invest in innovation and entice businesses to relocate to South Australia.
The initiatives are critical with the state losing its manufacturing base with the looming closure of Holden.
The budget has an $80 million support package to start and retain businesses in the state.
It offers grants from a $109 million scheme targeting small and medium-sized businesses to put on workers. They could receive up to $10,000 over two years for each new full-time position created.
The budget also offers small business and start-up grants of up to $4,000 over two years for each new job of 22 hours or more per week. This will be for eligible businesses which do not pay payroll tax.
There is also a $50 million South Australian Venture Capital Fund (SAVCF) to promote innovation to support new business, attract capital and encourage companies to move to the state.
And there are measures including:
- $10 million helping start-ups better position themselves to attract long-term investment
- $7.5 million for the University of South Australia's Future Industries Institute encouraging innovation and new industry; and,
- $4.7 million towards ultra-high speed broadband for business to use within the CBD
SA Treasurer Tom Koutsantonis said the budget was specifically aimed at small business.
"This is not available to Coles and Woolworths and BHP, this is for the small-to-medium-sized enterprises, the engine room of the South Australian economy, and lately it's been spluttering a little bit," Mr Koutsantonis told the ABC.
"Some of this money could help with weekend penalty rates, some of this money can help with overtime, some of this money can just make it that little bit more affordable to hire that South Australian worker."
“This funding is significant and will foster our innovative culture, providing our young entrepreneurs with the support necessary to not only start up in South Australia, but stay in South Australia.”
by Leon Gettler, July 20th 2016
