The State Government has delivered its 2018-19 Budget earlier this week. Many of the Government’s flagship programs that assist Queensland businesses, innovators and entrepreneurs have received additional funding, which means more opportunities to scale up and grow your business in the year ahead.
Of particular interest:
With fifty million dollars already dispersed over the past three years, another $26 million to continue for another year the payroll tax rebate at 50 per cent. The rebate helps businesses employ more apprentices and trainees.
The Advance Queensland Industry Attraction Fund gets $40 million over the next two years to incentivise domestic and international businesses to relocate their headquarters to Queensland.
A further $40 million for the Business Development Fund program, which supports the growth of innovative businesses through co-investment with private sector. Twenty-four businesses have already received a government investment of almost $30 million; another $40 million should benefit another few dozen local start-ups.
The Advance Queensland Foundations for the Future initiative will fund the Ignite Ideas program, Industry Research Fellowships and the Backing Queensland Entrepreneurs program, with an extra $73 million to foster local entrepreneurship.
Queensland innovators will benefit from funding of $50 million over five years for projects like the expansion of ‘The Precinct’, Queensland’s flagship hub for start-ups in Fortitude Valley, Brisbane, the Clem Jones Centre for Ageing and Dementia Research.
Infrastructure spend of $45.8 billion over the next four years, including $11.6 billion in 2018-19. Some of the projects include the Cross River Rail in Brisbane, as well as upgrades to M1 and Bruce Highway.
Two hundred million dollars over three years (bringing the total funding of this program to $600 million over five years) will continue the Works for Queensland program. It funds maintenance and minor infrastructure works, creating jobs across regional Queensland.
The Growth Area and Regional Infrastructure Investment Fund in outer urban and regional Queensland will be getting $40 million over the next two years.
Up to $10 million through the Jobs and Regional Growth Fund will go to develop a business case and the capital investment for an export distribution centre in regional Queensland.
Get in touch with us to discuss how this State Government funding can help your business grow.