$250m boost to small business support

Small business owner on phone. | Newsreel
Queensland small businesses have extra support under a new strategy. | Photo: Sveti KD (IStock)

Queensland small businesses will have a $250 million support package to access over the next three years.

Launched today in Far North Queensland, the State’s Small Business Strategy aims to lower cost pressures on small business through direct grant support and measures to boost productivity.

State Employment and Small Business Minister Lance McCallum said small and medium-sized businesses were hit hardest with changes in consumer spending sparked by the current cost-of-living pressures.

“The new strategy is a $250 million war chest of support when they need it most,” Minister McCallum said.

The new strategy also commits new funding for free financial counsellors.

“Available throughout Queensland, free financial counselling and wellness coaching service will continue to help small business owners tackle challenges and find solutions with free, and one-on-one, targeted support,” Minister McCallum said.

He said the strategy would also help maximise procurement and supply chain opportunities for more than 200,000 small construction, technical professional, and real estate businesses that could  benefit from current investment in housing, energy, hospitals, schools, and transport infrastructure.

A dedicated Small Business Procurement Advisor will be appointed as part of the strategy.

Minster McCallum said the strategy was designed to lower operating costs, as well as increase opportunities, build business resilience and capability, and grow diversity in the sector through:

  • Additional funding for grants to support businesses to implement workforce solutions.
  • New investment in cybersecurity support and safer retail precincts.
  • Continuation of the $650 rebate on electricity bills for eligible small businesses.
  • Assistance to help small businesses recover from natural disaster events, including through wellness coaching and financial counselling.
  • Continuation of the small business grants program.
  • Expanded access to mentoring and upskilling for Indigenous businesses.
  • Access to free training under the Free TAFE program.

Small business fast facts

Queensland’s small businesses employ more than one million people, or around 42 percent of the private sector workforce.

More than 78,000 new small businesses were launched in Queensland in 2022-23, with over 482,000 small businesses now based in Queensland.

Each year, small businesses contribute around $117 billion to Queensland’s economy.

The top five small business sectors in Queensland are:

  • Construction.
  • Professional, scientific and technical.
  • Rental hiring and real estate.
  • Agriculture, forestry and fishing.
  • Health care and social assistance.