The Budget 2023 - Small Business Summary

The Albanese Government handed down its first full budget earlier in May, and after a tough few years for small businesses, it was crucial this budget took steps to address the issues facing our small business community. Independent MP for Mackellar Dr Sophie Scamps developed a range of resources for small businesses to help them understand what is in the budget for them, and where the government could have gone further in its support.

Commenting on the budget, Dr Sacmps MP said, "This is a good budget for small businesses who have been doing it tough. There are new grants and tax breaks to help small businesses invest in electrifying heating and cooling systems, installing batteries, and upgrading to high-efficiency electrical goods. While the $20,000 instant asset write-off scheme will help businesses with a turnover of under $10 million to invest in new equipment and assets.”

However, Dr Scamps MP also highlighted that the budget did not include any new measures to counter staffing shortages in industries such as hospitality. Dr Scamps also criticised the lack of transparency around how the government will support community pharmacies to maintain their level of services.

You can read Dr Scamps’ full analysis of the 2023 federal budget here.