Labor won – how does that affect small businesses and startups

Now that Labor has won the Election in Australia, what does that mean for all us small businesses and startups.

Some of the key points covered so far that Labor is doing for small business are:

‘Climate-backed policies with a potential affect on small business include Labor’s electric car discount policy, which is projected to cost $54.3 million in 2022-2023.

Labor has also pledged to invest $20 billion to revamp the power grid, enabling more renewable electricity generation to power homes and businesses. It claims the ‘Powering Australia’ program will create in excess of 600,000 jobs

“Together we can work in common interests with business and unions to drive productivity, lift wages and profits,” he declared.

That gathering will inform the Labor government’s ‘white paper’ on employment, a document likely to express the new government’s approach to the gig economy and insecure work.

In its policy costings, Labor said it would invest $1.7 million in the 2022-2023 financial year to its Startup Year project, an initiative offering income-linked loans to entrepreneurs operating within government-approved accelerator schemes.

Startup Year funding will grow each year to $5 million in 2025-2026, Labor said, eventually providing financial backing to 2,000 final year and early career entrepreneurs.

Labor’s local industry grants is expected to provide $87.1 million in funding across 2022-2023.

The Albanese government has also committed to reducing the pool of uncommitted funding through the Entrepreneurs Program by nearly $200 million by 2025-206.

The honeymoon won’t last long: Labor has inherited an Australian economy which is far stronger than many had projected in the depths of COVID-19 lockdowns, but runaway inflation is now amplifying the cost of living.

Labour shortages continue to hamper key sectors, including the tech industry, construction and hospitality. But Labor’s ambitious skills plan, founded on 465,000 fee-free TAFE places and an expansion of university places, will still take years to produce the next crop of skilled workers.

It will be interesting the future that lies ahead for Australia and as a small business owner myself and helping other businesses, hopefully we do get looked after and not forgotten.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID