The Federal Budget has underlined the Commonwealth’s understanding that small businesses are the driving force of our economy and must be supported if we are to increase job growth, capitalise on our strengths and build a resilient and innovative business sector in the ACT, Shadow Minister for Small Business Andrew Wall said today.
“The focus on small business in the Federal Budget is good news for the ACT economy and for the thousands of small businesses in Canberra,” Mr Wall said.
“The Budget goes a long way to improving business confidence amongst small business owners, including:
- The lowest company tax rate in 50 years combined with historically low interest rates will benefit a sector that is at the heart of our economy.
- Instant asset write down provides an incentive for businesses to reinvest back into the local economy.
- The Budget also removes barriers to allow small businesses to become more innovative in the way that they attract capital. With expanded tax concessions it provides assistance to start-ups in attracting and retaining the staff and the skills required to succeed.
“ACT businesses have received the boost they were looking for in the Federal Budget. It is now essential for the ACT Labor government to play its part in further developing confidence and certainty for small business in the ACT,” Mr Wall concluded.