Big Boost For Small Business And New Ideas

05 May 2015

To create more jobs, the Andrews Labor Government will back new and innovative businesses and showcase our industries to the world.

Trade missions aren’t just about transactions, they’re about building partnerships that link Victorian businesses with major world economies and providing opportunities for our growing industries.

Rapidly growing overseas markets have rising demand for quality products and services which Victoria can step in and meet.

That’s why the 2015-16 Victorian Budget will invest $6 million to establish more Victorian Government Business Offices (VGBOs). New VGBOs will be opened in South America, Singapore and Turkey.

The Budget also includes $12 million for an inbound trade mission program, bringing buyers and investors from around the world to our doorstep.

The Budget will power Victorian innovation through the establishment of the $60 million Victorian start-up initiative, matching our brightest entrepreneurs with business mentors to help get their ideas off the ground.

The Labor Government is cutting the costs of running a small business by removing stamp duty charges on special mobile plant equipment.

The stamp duty exemption will apply to all Victorian small businesses from July 1, saving operators up to $3 million a year, cutting costs, encouraging spending and driving growth.

The Labor Government is also committed to creating more opportunities for small businesses to provide goods and services to government departments and agencies, offering achievable contracts to smaller firms and committing to short payment periods for low-cost contracts.

Small businesses are the heart and soul of our economy, and the Budget also continues support for small business initiatives such as Grow Your Business and the Small Business Bus.

Quotes attributable to Minister for Small Business, Innovation and Trade, Adem Somyurek

“We’re matching our brightest entrepreneurs with business mentors to help get their ideas off the ground.”

“Inbound trade missions bring overseas buyers and investors to our doorstep allowing Victorian businesses to showcase their world-class capabilities and products.”

“By establishing new business offices in Turkey, Singapore and South America, we’re giving Victorian businesses more support for trade and investment opportunities in dynamic markets.”

“This stamp duty exemption will give Victorian small business a fairer go and make them competitive.”

Reviewed 19 August 2020

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