The 2021-22 Budget includes a range of support for industry growth, small business owners and employers. Find out what the 2021-22 Budget means for your business.
The Australian Government is Securing Australia’s Recovery - Australia’s recovery from COVID-19 is well underway. Find out what the 2021-22 Budget means for your business.
Industry growth
- Modern Manufacturing Strategy - $1.5 billion Modern Manufacturing Strategy continues to be a key priority for the department. This Budget includes complementary new measures to support Australian manufacturers and businesses in the space, fashion and automotive sectors.
- Artificial Intelligence (AI) Action Plan - $117.8 million over the next four years to deliver Australia’s first Artificial Intelligence (AI) Action Plan, as part of the Government’s Digital Economy Strategy. The plan will support business to adopt AI, and the development of world leading AI projects, along with the associated high-skilled jobs these projects create.
- Assistance to access Commonwealth procurement - $2.6 million to assist Australian manufacturers and small and medium-sized enterprises to access Commonwealth procurement. This measure is part of a larger package of activities designed to raise awareness of the value and availability of Australian-made products.
- Australian fashion certification trade mark - $1.0 million to support the design and development of an Australian fashion certification trade mark, promoting and endorsing the high quality of locally designed and produced products to key overseas markets.
- Australian digital games industry - The Government will support the growth of Australia’s digital games industry by cutting the cost of game development in Australia. Digital game developers will receive a 30 per cent refundable tax offset, capped at $20 million per year, for qualifying Australian games expenditure.
- Tourism - $274.6 million is going towards the expansion and extension of successful programs to support Australian businesses such as travel agents, zoos and aquariums and events providers that rely on international tourists.
Small business owners
- Employment Contract Tool - $7.2 million to improve and maintain a new Employment Contract Tool, supporting small business owners to meet their employment obligations. The tool will help businesses navigate the hiring process and encourage expansion.
- Digital Solutions – Australian Small Business Advisory Services program - $12.7 million is allocated in 2021-22 to support an additional 10,000 small businesses to use digital technologies and improve their digital capability as part of the Digital Solutions – Australian Small Business Advisory Services program.
- Support for local small and family-owned businesses - $8.0 million for a two year campaign to encourage people to support their local small and family-owned businesses as they recover from the impacts of the COVID-19 pandemic.
- Ahead for Business program - $0.9 million over four years from 2021-22 to support small business owners to take steps to improve their mental wellbeing through the Ahead for Business program.
- Payment Times Reporting Scheme - $16.0 million over four years to support the ongoing delivery of the Payment Times Reporting Scheme, ensuring those working with larger companies on government contracts get paid on time.
- Australian Small Business and Family Enterprise Ombudsman - increased funding to the Australian Small Business and Family Enterprise Ombudsman through an injection of $1.5 million to help small businesses identify and access support for dispute resolutions.
- Franchise Disclosure Registry - In recognition of many small and family businesses operating as franchises, the Government will spend $4.3 million over four years to introduce a Franchise Disclosure Registry to increase transparency and restore confidence in the sector.
- Pause or modify Australian Taxation Office (ATO) debt recovery action - The Government will back small business with a simple, fast and cheap way to pause or modify Australian Taxation Office (ATO) debt recovery action in relation to a debt that is currently under review by the Administrative Appeals Tribunal (AAT). These changes will provide small business with the confidence and peace of mind that they will be able to pause any ATO debt recovery actions until their case is decided by the independent umpire.
- Extending tax incentives - The Government is supporting business investment by extending temporary full expensing and temporary loss carry-back for an additional year. This extension will enable businesses experiencing COVID‑19 related supply disruptions, or considering investing in projects requiring longer planning times, to take advantage of the incentives.
Employers and job seekers
- Expanding the $1 billion JobTrainer Fund - to continue to deliver low fee or free training places in areas of skills need. JobTrainer will help ensure Australians can access critical skills and will include 10,000 additional digital skills training places and 33,800 additional training places in the aged care sector. The Government will provide an additional $500 million in funding, to be matched by state and territory governments.
- Increasing current wage subsidies - boosting job security by increasing current wage subsidies available through jobactive, Transition to Work and ParentsNext to all businesses to $10,000 from 1 July 2021. This includes subsidies for young people, parents and the long-term unemployed. From July 2022, all wage subsidies will also be more flexible to meet employer needs.
- Extending the Boosting Apprenticeship Commencements - As part of our plan for Australia’s future, the Government is extending the highly successful Boosting Apprenticeship Commencements (BAC) wage subsidy for a further six months to support new apprentices and trainees who commence by 31 March 2022. This additional $1.5 billion investment will support the employment of newly commencing apprentices and trainees, assisting school leavers and job seekers during the peak hiring period for key industries. The subsidy will be paid to employers for a full 12 months from commencement. The BAC extension will help support women by delivering 5,000 additional gateway services and guaranteeing in-training support services for women commencing in a non-traditional trade occupations.
- 12,000 places now on offer as part of New Business Assistance - Job seekers wanting to start up their own businesses will have greater support and flexibility, with up to 12,000 places now on offer as part of New Business Assistance with the New Enterprise Incentive Scheme. The Government will invest an extra $129.8 million into the program.
For more information visit www.business.gov.au