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Ensuring small business remains our economy’s powerhouse

12 November 2020

Sarah Courtney MP

Minister for Small Business, Hospitality and Events

2020-21 Budget: Ensuring small business remains our economy’s powerhouse

The Tasmanian Government’s Plan to rebuild a stronger Tasmania includes providing strong support for the 38,000 small businesses that are the powerhouse of the state’s economy.

We have already delivered the largest economic and social support package in the country, as a proportion of our economy, including more than $80 million towards small business support programs which have now provided support for more than 14,000 Tasmanian small businesses.

This includes $20 million in the 2020-21 Budget for the COVID-19 Small Business Sustainability and Recovery Assistance Package, which is helping small businesses to recover, re-open, innovate, build capacity and resilience.

This package includes the Small Business Sustainability and Recovery grants which were awarded to 1890 businesses, as well as the Event Infrastructure and Critical Support Small Business Grant program, and $1 million to provide mental health support to Tasmanian small businesses and their employees.

Further funding of $500 000 is provided for a Peak Body Support Fund which will be used to assist peak industry bodies support their members through the recovery from COVID-19.

In addition to this direct support, the 2020-21 Budget includes a range of significant initiatives designed to create jobs and stimulate our economy and support small business including;

  • A landmark $5 billion infrastructure investment to build intergenerational infrastructure including building more homes, better schools, roads, bridges, irrigation systems, dams, as well as renewable energy assets and health and justice facilities;
  • Committing over $22 million to further drive job creation for apprentices, trainees and youth employees. We will do this by extending the current payroll tax rebate for all youth employees for a further 18 months, extending the current payroll tax rebate for apprentices and trainees for a further 12 months and extending both rebates to all industry sectors; and
  • Extending the Targeted Apprentice and Trainee Grant for Small Business to include any small business who employs an apprentice or trainee until 30 June 2022.

We are backing businesses, supporting their recovery and growth and making it easier to employ Tasmanians.