Budget 2023: Budget shows Labor – finally – recognises how vital small businesses and startups are to Australia’s economy

The Albanese government is forecasting the first surplus since 2007 in 2023-24, albeit small, making Jim Chalmers the first treasurer to get the budget “back in black” since Peter Costello. 

It’s a pretty significant moment for the country. Going into the budget today, the political debate was whether the surplus lets Labor claim it is the better economic manager.

The jury has certainly been out on how much of a priority small business is to the government.

Handing down his first budget in October, Chalmers mentioned “small business” only once.

Well, what a difference seven months makes: tonight “small business” featured seven times in the Treasurer’s speech, and the budget is noticeable for a long list of plans to support SMEs, encourage startups, and invest in skills and training. 

Measures include tax breaks for small businesses, $290 million in cash flow relief for SMEs via a $20,000 extension to the instant asset write-off, and a new $392 million program to help startups commercialise their ideas, in addition to energy relief and green energy incentive programs announced by the government in recent days.

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