PM’s $100m cash boost for small businesses
Small businesses would benefit from a fund set up especially to help them grow under a re-elected Morrison Government.
Federal Budget
Don't miss out on the headlines from Federal Budget. Followed categories will be added to My News.
Small businesses would benefit from a fund set up especially to help them grow under a re-elected Morrison Government.
The Coalition will on Tuesday announce a $100 million Australian Business Growth Fund - a pool of money that would be established to give small and family businesses patient capital without giving up control of their business.
The Coalition predicts the fund would grow to $1 billion and support 30 to 50 businesses a year with annual turnovers between $2 and $50 million.
If re-elected, the Government would partner with financial institutions to provide the equity funding.
MORE ELECTION NEWS:
PM BREAKS FROM CAMPAIGNING TO SINK A BEER
KEY BATTLE WAGED OVER GREAT BARRIER REEF
INDEPENDENTS HUNT CRUMBLING COALITION
In a statement, Treasurer Josh Frydenberg said he was confident the private sector would support the fund.
“The Government has also had positive discussions with the Australian Prudential Regulation Authority about the the Fund being established in conjunction with these financial institutions,” the trio said.
“The fund and our support for small and family business is part of our plan for a stronger economy and a more secure future.”
Prime Minister Scott Morrison backed in the proposed Australian Business Growth Fund, which is modelled on similar initiatives in Canada and the United Kingdom.
“This fund means more small and family businesses can take that next step to grow, to create more jobs and to invest in the opportunities they’ve got their eye on,” Mr Morrison said
“This is for those businesses like a local brewery or restaurant that wants to expand interstate or even overseas, or maybe a family owned construction company wanting to grow to so they can meet demand.”
The Coalition will on Tuesday continue to paint Labor as attacking businesses through proposed higher taxes.
Originally published as PM’s $100m cash boost for small businesses
‘Offset’: Jim’s big $1bn budget call
Labor has released its updated costings for the election promises, with Treasurer Jim Chalmers promising an extra billion dollars in budget savings.
‘Foolish’: AUKUS debate MIA on campaign trail
AUKUS paints a target on Australia and the ‘poor, secret’ $368bn deals should be urgently reviewed by the next government, a retired general says.