The recent Federal Budget 2023 announcement has sparked a lot of buzz and mixed reactions from various interest groups, with some expressing delight while others expressing dissatisfaction. But, what does this mean for small and medium-sized enterprises (SMEs) and startups? 

In a recent Forbes article, Huon, alongside Matthew Addison from COSBOA and Thomas Fu from Motor Culture, shared their insights and perspectives on the matter. Click through to the article to learn more.

Here is an excerpt from the article:

While the Labor Government and its supporters are celebrating a significant and deserved win today – announcing the first Federal Budget surplus ($4.2b) since 2007 – there are mixed reviews on what it means for SMEs and start-ups.

The Federal Government acknowledged the impact of cyber threats, providing a $23.4 million program to support SMEs to “build resilience” against cyber attacks.

Industry body, the Council of Small Business of Australia (COSBOA), described the place of SMEs in the budget as: “not on the sideline, not in the spotlight”. COSBOA Chair, Matthew Addison, says while the budget acknowledges the role that SMEs play in the wider economy, here is a need for “greater focus on empowering them, promoting entrepreneurship and providing enhanced reasons to commence and remain in business”.

"However some businesses are critical of some Budget measures. Huon Hoogester, MD of solar company Smart Commercial Solar says the $310 million Small Business Energy Incentive “will be wasted on businesses that could already afford to spend that extra money,” as the vast majority don’t have spare cash to spend on non-core business items in the current climate.

“Forgive my skepticism…but 95% of small businesses are not the ones that have the spare cash to be spending on non-core business items at this point in time. So, this money will be wasted on businesses...

Continue reading the article here