The Morrison government policies SMEs should know



Featured | Small Business

By Loren Webb

Governor-General David Hurley has spelled out the government’s agenda for the next three years.

Dynamic Business have put together a summary from his recent speech of the policies that are most relevant to small businesses and startups.

Tax and economy

  • See another 250,000 small and family businesses open over five years
  • $158 billion worth of income tax cuts split across three stages spanning the next five years
  • Deliver $45 billion in surpluses over the next four years
  • Create 1.25 million jobs over the next five years, including jobs for 250,000 young people
  • Eliminate net debt by 2030
  • To see 10,000 more Australian companies exporting to the world by 2022

Industrial relations

  • Measures to make it easier to de-register rogue unions and officials
  • A review of workplace laws

Jobs

  • $585 million commitment to improving skills and training — including creating 80,000 new apprenticeships and establishing 10 new training hubs in key locations of high youth unemployment in regional Australia
  • Create National Skills Commission and a National Careers Institute
  • Mid-career checkpoint to support people, particularly women, returning to work after caring for children or older relatives

Housing

  • First Home Loan Deposit Scheme to allow people to access finance without having to save a 20 per cent deposit
  • From mid-2020, first home buyers who have already saved at least 5 per cent of their deposit, and who earn up to $125,000 for a single person or $200,000 for couples, will be able to get better and earlier access to mortgage finance

Infrastructure

  • $100 billion for a raft of major projects around the country
  • Reduce the migration cap by 15 per cent and provide incentive for more new migrants to settle outside the big cities

Energy

  • Introduce a default market offer for electricity and ban unconscionable late payment fees
  • Five million eligible social security recipients will benefit from Energy Assistance Payments of $75 for singles and $125 for couples

Environment and climate

  • Meet 2030 targets under the government’s Climate Solutions Plan
  • Reduce waste and increase recycling
  • Take up a global advocacy position with other nations in the region, like Indonesia, on the health of our oceans

(Source: Governor-General’s speech at the opening of the 46th parliament)

Related Articles
keys to success for businesses and companies Featured | Small Business
What are the keys to success in business?

Although all businesses aim high at the beginning of their journey, the reality is that only a small proportion of companies will make it to their intended success. Most businesses founded today are destined to become another failure statistic. At the Keys to Success event held by business management service Catapult, Mike Boorn Plener, the Read More…