The Treasurer handed down the 2015-16 State Budget on 14 July and it includes $186.7 million of new funding to support business growth and provide a positive economic plan to generate employment and investment in Queensland.
Queensland has a positive Budget outlook and independent Treasury forecasts predict a $1.2 billion surplus in the first year – the biggest in nearly a decade.
This Budget funds a package of business development initiatives to encourage research, innovation and entrepreneurship.
- $180 million Advance Queensland suite of programs to stimulate a thriving start-up culture and vibrant venture capital sector including $40 million for a Business Development Fund, to kick-start innovative businesses, $50 million to establish a Best and Brightest Fund, which will include a Knowledge Transfer Partnerships program and $24 million towards the Start-up Queensland program;
- $2 million Queensland Entrepreneurs of Tomorrow program to support new and emerging businesses;
- $4.7 million in improvements to the Business and Industry Portal that will improve the delivery of services on the Portal, and make it easier for business to interact with government;
- A three year payroll tax exemption for new companies established in Queensland.
With this Budget package, the Palaszczuk Government is focusing on creating an economic environment for strong, profitable and globally competitive small businesses.