Australia widens support for small businesses

Goal is to help them 'run, grow, and succeed'.

With nearly 2.7 million small businesses in Australia, the government is broadening the support it offers via the NewAccess for Small Business Owners (NASBO) and the Small Business Debt Helpline.    

"Australia's small businesses are at the heart of our economy and our communities," said Minister for Small Business Anne Aly. "They create jobs, support families, and help shape our regions and cities.

"That's why the Albanese Government is backing Australia's record-high 2.66 million small businesses to run, grow, and succeed."

Aly's statement comes ahead of the extension of NASBO and the debt helpline for another 12 months starting July. The move involves a further $5.6m (AU$8m) funding from the government.

NASBO provides mental health assistance whilst the helpline offers financial counselling, both confidentially and at no cost to small businesses.

The minister commented: "Employing 5.2 million people, Australia's small businesses contribute almost AU$600b to our nation's economy every year.

"This additional funding ensures small business owners can access free mental health and financial counselling support when pressures mount. No one running a small business should feel like they have to carry it alone."

Meanwhile, a new reporting portal will be launched as part of the existing Payment Times Reporting Scheme, which requires large companies to publicly report how quickly they pay their small business suppliers. The new platform will feature streamlined requirements and reduced red tape.

"Getting paid on time can be the difference between surviving and thriving," Aly added. "Large businesses with annual consolidated revenue above AU$100m have a responsibility to pay their small business suppliers fairly and promptly."