Budget a win for business and industry

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Yesterday’s Budget has given small to medium enterprises (SMEs) benefits right now and also for the future, Industry Capability Network (ICN) Limited said.

Derek Lark, ICN Limited’s Executive Director said: ‘We are pleased the government has further acknowledged the integral role of SMEs in driving jobs growth.

‘The immediate reactions from some of our ICN Gateway community has been one of support for the promised 27.5 per cent company tax rate (at less than $10 million turnover) and the eligibility threshold for access to the $20,000 instant asset write-off.

‘We’re interested in helping Australian businesses grow, primarily through presenting opportunities to our 70,000+ SMEs listed on ICN Gateway (our comprehensive online marketplace where we match capable suppliers to projects around Australia and New Zealand).

‘It is the commitment to $50 billion in infrastructure over the next six years that we know will translate into real work opportunities for the organisations listed on ICN Gateway.

‘ICN also continues to be heavily involved in the resource sector and the slowdown in mining investment has had a significantly negative impact on many Australian Mining, Equipment, Technology and Services companies.

‘Over the past few years, we have seen the cancellation of many new major projects and a change in design for many existing projects, so the longer term Budget initiative – The National Resources Development Strategy – Exploring for the Future, is a good win for this sector’, Derek said.

The $100.5 million program, over four years, is designed to produce mineral, petroleum and groundwater resource data in targeted areas in northern Australia and South Australia to help identify new greenfield exploration sites.

ICN also welcomes other announcements that will be positive for Australian SMEs:

  • Naval Shipbuilding Plan (almost $40 billion in investment) to generate work for our capable Australia suppliers.
  • Supporting innovation and competition in the FinTech industry – enabling entrepreneurs to test their ideas and business models.
  • Youth Jobs PaTH – supporting small business taking on interns.

Since ICN started 30 years ago, funding received from the Australian Government has allowed ICN to help local companies win more than $30+ billion worth of work.

ICN Limited continues to receive financial support for the Australian Government and uses this funding to help local businesses win contracts that otherwise may have gone overseas.

 

Media contact – Karen Lenton – 02 6285 2033

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