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Boost for Small Business in SA State Budget 2023-24

Boost for Small Business in SA State Budget 2023-24

From cost of living relief to investment in research and innovation and support for small businesses, explore some of the highlights from the South Australian Government’s 2023-24 State Budget.

Cost of living relief

A cost of living relief package provides $471.3 million for those in our state who need it the most.

As was previously announced in the Federal Budget, from July 1 more than 86,000 eligible SA small businesses and 420,000 households will benefit from the Energy Relief Plan.

This investment is matched by the Australian Government and will see eligible households receive rebates of up to $500, while eligible small businesses will receive rebates of up to $650.

Additionally, $44 million will be provided over five years to index existing concession payments to be in line with higher inflation. In 2023-24, these payments will be indexed by 8.64 per cent.

There is also $57.2 million being delivered over four years to help non-government organisations that are delivering services to the community on behalf of government, to meet the challenge of rising costs associated with wage and inflation pressures.

Investing in Small Business

Our state’s small businesses will benefit from a $6.5 million allocation, which will support 20 key initiatives under the South Australian Small Business Strategy, which will work to strengthen the government’s partnerships with business, industry and community-based organisations, particularly in regional areas.

These initiatives will boost the capability and capacity of our state’s businesses and will provide to support them in operating and planning for sustainability, as well as the ability to take advantage of opportunities to improve their competitiveness and productivity.

More information on the strategy and the key initiatives will be available soon.

Research and Innovation Fund

South Australia’s best and brightest individuals and organisations will benefit from an investment of $20 million to the state’s Research and Innovation Fund, which will continue to support researchers, entrepreneurs and businesses.

Boosting tourism and our visitor economy

The 2023-24 State Budget includes $20.8 million over four years in further funding for the Major Events Fund.

This will help to secure more new events for our community, as well as and grow existing events, and further encourage the success of new events such as Harvest Rock.

This is in addition to the government’s continued commitment to hosting the LIV Golf tournament and AFL Gather Round, credited with boosting business confidence by six points in the latest Business SA survey.

To build on the success of the VALO Adelaide 500 – which recorded an attendance of 258,200 people including more than 12,000 interstate travellers – an additional $3.5 million will be spent on more shading for grandstand areas.

This is in addition to $3.5 million each year to ensure its ongoing quality, an increase to the $16m per year already budgeted.

Visit statebudget.sa.gov.au for detailed information and to view all budget measures.

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