The 2022/2023 Federal Budget: What’s in it for businesses

The Federal Budget 2022-23 has arrived, and it’s brought with it a slew of incentives designed to support businesses across the country.

We’ve compiled a list of the key measures, so you understand exactly what the latest budget is serving up for businesses. From energy efficiency grants to enabling more people to work, here’s what you need to know:

Small business programs extended

First up, NewAccess for Small Business Owners and the Small Business Debt Helpline are getting an extension. $15.1 million will be put towards keeping these programs going for two more years, from 1 January 2023 to 31 December 2024, meaning you can keep getting the financial and mental wellbeing support you need, when you need it.

Energy efficiency grants introduced

In response to rising energy costs, the government is providing $62.6 million over three years to support small and medium-sized businesses in boosting their energy efficiency and reducing their energy usage. These brand new grants are designed to empower you, as a business owner, to invest in cost-saving equipment and energy efficient upgrades that will ultimately be better for both your wallet and the planet.

Revitalising workplace relations

Another initiative laid out in the Federal Budget 2022-23 is delivering a simpler, fairer and more accessible workplace relations system. This includes boosting wages by simplifying and expanding access to the enterprise bargaining process. A $7.9 million investment over four years will go towards supporting uptake of enterprise bargaining for small businesses¹. With these changes in place, more businesses will be able to reach agreements with their employees that improve pay outcomes, especially in low-paid occupations.

In addition to this, the government will provide additional support to help employers and employees reach agreements and resolve disputes, with improved access to arbitration for intractable disputes. This will be complemented by enhanced access to multi-employer bargaining.

Assistance for implementing family and domestic violence leave

The Fair Work Ombudsman and the Department of Employment and Workplace Relations will receive $3.4 million over four years to assist small businesses with the implementation of the government’s election commitment to legislate 10 days of paid family and domestic violence leave¹. The funding will go towards providing businesses with the education, technical advice and support they need to carry out the leave entitlements for their employees.

Working together: small business and government

The government recognises that small businesses are the backbone of many communities, and that difficult business conditions, combined with the ongoing impacts of Covid-19 and extreme weather events, have called for small businesses to adapt and be resilient.

In honour of this, the government has committed to delivering on its Better Deal for Small Business, which includes:

• strengthening unfair contract term protections
• collaborating with the small business community to address opportunities and challenges including through September’s Jobs and Skills Summit.

Skilling the clean energy workforce

Run a renewable-oriented business? Good news! The government is putting over $100 million towards the New Energy Apprenticeships and New Energy Skills programs to address growing skills demand in the sector. This initiative involves developing a new mentoring program and providing up to $10,000 for each apprentice in a clean energy role.

Other important incentives

On top of initiatives that directly support businesses, there’s also a couple that will support them indirectly, including putting more people in the workforce.

Parental leave and childcare

With the goal of encouraging greater workforce participation, $4.7 million will be invested over four years to deliver cheaper childcare for 1.26 million families. This is intended to reduce barriers (for women in particular) when it comes to participating in paid work.

Seniors

On a similar note, the amount pensioners can earn before their pension is reduced will be increased from $7,800 to $11,800 – a total of $4,000¹. This will make it easier for those on the pension, who still want to work to some degree, to do so without sacrificing their financial support.

Conclusion

That’s our breakdown of the Federal Budget 2022-23 when it comes to small business. We hope this wrap-up helped you understand how it impacts you.

To learn more about the Federal Budget 2022-23, head on over to the official budget website.

Disclaimers 

1 Australian Government. (2022). Budget Paper No. 2 Budget Measures. https://archive.budget.gov.au/2022-23-october/