Growing small business, investment and trade

Victorian small businesses will get the help they need to grow their businesses, create jobs and take advantage of the digital economy.

The Victorian Budget 2018/19 will provide $13.5 million for small business mentoring and support. A key part of this mentoring will be helping business owners understand how they can benefit from the digital economy.

A digital roadshow in regional Victoria will also provide businesses with practical advice on how they can make the most of the digital age and reduce cyber security risks.

On top of these initiatives, the Andrews Labor Government will fund the Victorian Small Business Commission’s farm debt mediation services, to help Victorian farmers undertake financial mediation with their creditors.

In addition to ongoing support for our state’s more than half-a-million small businesses, the Labor Government will also continue to encourage interstate and international companies to invest in Victoria.

An extra $55 million will be allocated to the Investment Attraction and Assistance Program, which brings new businesses to Victoria and helps existing businesses expand – creating new local jobs.

The Labor Government will also provide $5.5 million to reduce the cost of public transport for eligible international students during their time in Victoria, boosting another key contributor to Victoria’s strong economy – international education.

International education is Victoria’s largest service-based export, currently contributing more than $9.1 billion to the local economy and supporting more than 58,000 jobs across the state.

For small businesses in regional Victoria, we are cutting payroll tax for the third year in a row, making it the lowest anywhere in Australia.

The regional payroll tax rate will be cut to 2.425 per cent – half the metropolitan rate – and businesses based
in regional Victoria and who pay at least 85 per cent of their payroll to regional employees will be eligible from
1 July 2018.

Quotes attributable to Minister for Small Business Philip Dalidakis

“Small businesses are crucial to our economy – we’re helping them expand, so they can create more local jobs.”

“International education is our biggest service export. With this investment, we’re backing this industry and the Victorians who work in it.”

“We’re promoting Victoria as a world-class destination for companies to come and do business, as well as helping regional businesses create jobs by cutting payroll tax.”