Improve support for small to medium enterprises (SMEs) and startups.
The Government will provide $431.9 million over 4 years from 2023-24 (and $79.2 million per year ongoing) to improve support for small to medium enterprises (SMEs) and startups. Funding includes: * $392.4 million over 4 years from 2023-24 (and $68.2 million per year ongoing) to establish the Industry Growth Program to support Australian SMEs and startups to commercialise their ideas and grow their operations. Support will be targeted towards businesses operating in the priority areas of the National Reconstruction Fund * $39.6 million over 4 years from 2023-24 (and $11.0 million per year ongoing) to continue the Single Business Service, supporting SMEs engagement with all levels of government. This measure repurposes and expands funding that was previously supporting SMEs through the Entrepreneurs' Programme, and is additionally offset by redirecting funding from within the Industry, Science and Resources portfolio.