Published May 11, 2021
The government announced a number of incentives for business in the 2021 Australian Federal Budget.
Those that stand out include $A8 million set for a nationwide ‘shop local’ campaign and $A274.6 million to support Australian businesses such as travel agents, zoos and aquariums, as well as events providers, as international tourism remains low.
Among many positive announcements for businesses, three key measures stand out: the continuation of tax breaks and incentives; measures aimed at addressing the skilled labour shortage; and investment and ongoing support for the digital and data revolution.
The extension and increase of tax benefits for businesses, including the Instant Asset Write-Off Scheme, will be a welcome opportunity for businesses to continue to invest. The extension of the measure is estimated to cost the government $A17.9 billion.
Speaking with businesses around the country, I know one of the challenges they continue to face, in spite of a buoyant economy and positive outlook, is the absence of skilled labour where they need it most. The increased investment in traineeships and apprenticeships announced in the 2021-22 Budget is good news to help more businesses find the labour they need.
Another welcome inclusion in the budget is the measures for women and their economic participation. We can draw some connections from these provisions to increased female participation in the workforce and the benefits this can have for businesses.
Finally, the ongoing support and investment in data and digital is a great help for Australian businesses. We know the businesses that went into COVID stronger in these areas were able to capture more opportunities and have come through the pandemic sturdier because of that foundation.
Continuing to provide businesses with access to training and resources to enable their businesses in the digital economy is a really positive move going forward.
Jenefer Stewart is General Manager Business Banking at ANZ
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