The release of the 2009-10 Federal Budget last night revealed funding for new and existing products and services to assist businesses. Some of the initiatives included in this year's budget are listed below.
Nation building – economic stimulus information
- Funding has been allocated for key road, rail and port infrastructure projects across Australia.
New programs and initiatives
- A Small Business Support Line will be established to help businesses manage better during the global financial downturn.
- A Small Business Online Program will assist small businesses in developing an online presence and taking advantage of e-business opportunities.
- A new R&D Tax Credit will to come into effect from 1 July 2010, to replace the R&D Tax Concessions scheme.
- A Commonwealth Commercialisation Institute will be established to support research commercialisation and early stage company development by small and medium enterprises.
- A number of projects will receive funding under a new Super Science initiative, intended to boost infrastructure and research capacity in space science and astronomy, marine and climate science, and future technology.
- A Clean Energy Initiative will assist in encouraging innovation in clean energy generation and low emissions technologies.
- Funding will be provided to the Tax Office to assist small businesses experiencing financial distress to remain viable and stay engaged in the tax system.
- Funding for the Textiles, Clothing and Footwear industries will be retargeted, with a new package aimed at innovation and renewal.
Existing programs
- There will be an increase in the Small Business and General Business Tax Break for small businesses that acquire eligible assets by the end of 2009.
- Additional funding will be allocated to the Export Market Development Grants scheme for 2008-09.
- A 12 month extension in Exceptional Circumstances assistance has been announced for primary producers and other farm-dependent small businesses in eligible regions.
- The government will continue to provide funding and assistance to businesses and communities affected by the Victorian bushfires and the Queensland floods and storms.
Parental leave
- A government funded Paid Parental Leave scheme will come into effect as of 1 January 2011, providing up to 18 weeks of paid leave at the Federal Minimum Wage.
Employment
- Fair Work Australia and the Office of the Fair Work Ombudsman will commence on 1 July 2009 to help implement the Government's new workplace relations arrangements.
- Funding will be provided to Registered Training Organisations to help deliver off-the-job completion of training where an Australian Apprentice cannot complete training with an employer.
- There will be an extension of employer incentives for the commencement, recommencement and completion of apprenticeships, employing out-of-trade and mid-career apprentices, and employing apprentices in skills shortage occupations.
For details on budget announcements related to the Innovation, Industry, Science and Research Portfolio, visit the Innovation website. For a full copy of the Budget and further details on all of the initiatives above, please visit the Budget 2009-10 website.
