Australian businesses offered a mixed bag of reactions to the federal budget announced on May 14, with some praising specific measures while others expressed disappointment over missing priorities.
This mixed bag of reactions highlights the complex challenges facing Australian businesses in the current economic climate. Let’s delve deeper into the specific measures that are winning and losing favour with the business sector.
Ben Thompson, CEO and Co-Founder, Employment Hero
“It’s good to see the federal government acknowledging the complexity of its industrial reforms, however, one must question why this wasn’t recognised sooner. The allocated $20.5 million could have arguably been put to better use if the legislation had been stripped back initially.mThe complexity of ever-changing industrial laws in Australia, have been long recognised as some of the most intricate worldwide – confusing SMEs and putting their spirit of entrepreneurship and innovation at significant risk. Far from fostering an environment conducive to growth and innovation, the introduction of the recent legislation appears to tighten the noose around the necks of SME owners at a time when they need instead need additional breathing space.”
The cost of doing business is at an all time high for business owners, for example our recent SME Index figures shows wages have risen by an unsustainable 8.4% in the past year, while employee growth has flattened. In response to these rising costs and weakening growth, we’re happy to see The Federal Budget’s commitment to bolster small business growth and sustainability.”
“This extension of the instant asset write-off scheme, enabling small businesses with an annual turnover of less than $10 million to immediately deduct depreciating assets costing less than $20,000, is a vital step in easing cash flow pressures and fostering investment in essential tools and technology. Additionally, the government’s allocation of $25.3 million to improve payment times reflects a crucial advancement towards fairer trading conditions for small businesses. We believe these measures will significantly contribute to a more supportive ecosystem for small businesses, ultimately driving greater economic productivity and job creation across Australia.”
Intelliworx Managing Director Shane Maher
“Since the last Federal Budget, which announced $23.4 million in support for small businesses to build cyber resilience, we’ve noticed two major developments: endemic cybersecurity attacks across the Australian economy and a watering down of Australia’s cybersecurity rhetoric. The Treasurer did not mention cybersecurity in his speech, or even technology for that matter. Digging deeper, the Budget Strategy and Outlook only made three mentions of cybersecurity in reference to upgrading Australian communication infrastructure, investments in Services Australia, and defence. When it comes to business, particularly small business, this government has moved on to other things.
“And given the cost of living crisis and the pressure for fiscal constraint, we get it. But we’d also like to see the government pair the Cyber Wardens Program with either grants for small businesses to upgrade their cybersecurity capabilities, or mandate standards. The feeling on the ground is the government’s Cybersecurity Strategy has not filtered down to small business. Meanwhile, a shortage of cybersecurity professionals will only push up the cost of improvements. Extending the instant asset write-off for small businesses does in theory help. Although one has to wonder if this has already been baked into the assumptions of small businesses given its been extended for, what, is it a decade now? I’ve lost count.”
Pieter Danhieux, Co-Founder and CEO, Secure Code Warrior
The proposed Digital ID rollout is – if executed well – a potent measure for curbing the impact of online fraud and identity theft. However, this is a largely reactive component of Australia’s ongoing cybersecurity strategy, and I fear that we are placing too little funding on proactive, preventative security measures.
The recent Clubs NSW breach showed that there is much work to be done in securing the software supply chain of many enterprises, not to mention a key need for education on how software vendors, enterprises and government departments manage and maintain PII as part of their operations. At the moment, those at the coalface of software development and data management – mainly software engineers – need serious upskilling in areas such as access control, configuration, and safe application of APIs. Without this key knowledge becoming standard, data breaches will continue with the same ease we have now, and Australia must commit to do better.
Matthew Lowe, ANZ Country Manager, LogRhythm
We welcome the government investment into digital wallets but also advise that there needs to be a delicate balance between enhancing consumer benefits while ensuring the highest levels of data security and privacy, especially when highly sensitive personal information is being stored, accessed and shared across government agencies. Government departments can be a hot target for cybercriminals hoping to steal valuable information. This is partly due to the amount of extremely sensitive information held in their databases as well as the significant ramifications that come along with having to shut down government agencies or services.
A trusted digital identity system must be supported by a robust cybersecurity infrastructure. This includes comprehensive monitoring and logging mechanisms to detect, respond and even predict potential threats promptly. Ensuring continuous oversight and real-time analysis of security events can significantly reduce the time it takes to uncover and mitigate data exfiltration attempts, enhancing the overall security posture. Additionally, implementing a zero-trust architecture, where every access request is thoroughly verified, is crucial. This approach ensures that only authorized individuals and devices can access sensitive information, thereby reducing the risk of unauthorized access.
By having the right cybersecurity infrastructure, we can create a positive feedback loop. Users will be more confident to share their data digitally, knowing it is secure, while relevant agencies can trust that the data received is accurate and uncompromised, facilitating more efficient and effective service delivery.
Australian consumers want to be confident that, at all times, their data and digital identity is being protected by everyone who has been granted access. To succeed with this budget investment, government agencies must ensure they have the strategies, processes and tools in place to make this trust a reality.
Ashwin Ram, Cyber Security Evangelist, Check Point Software Technologies
As with the adoption of any new technology, it is important to understand the associated risks. No doubt cyber criminals will continually look for ways to exploit any software vulnerabilities on the platforms these services will be delivered. The Check Point Research team, over the years, has identified attacks against a number of digital wallets, so continual proactive assessments of vulnerabilities must be a priority.
All systems linked to the delivery and usage of digital ID must be considered and secured.
Daniel Stoten, Chairman at Localsearch
“We’ve heard from tens of thousands of our small business clients that the cost-of-business is greater than ever before. From increasing utility bills, insurances, overheads, and fuel and labour costs, it’s undeniably an extremely stressful period for SMBs around Australia. Tonight’s Federal Budget is a good start, but once again, the Mum-and-Dad businesses that keep the heart of Australia’s local economies beating have been completely overlooked. However exciting extending the instant asset write-off package may sound, the reality is that the scheme requires businesses to have the money to purchase the asset first – if the extension even goes ahead.
“The extension of the Energy Bill Relief Fund – giving 1 million small businesses $325 to help pay their energy bills – is a great example of helping SMBs to reduce costs. But, it only supports roughly 38% of Australia’s 2.6 million small businesses which make up 97% of all businesses in Australia. We are pleased to hear the introduction of $10.8 million to support the mental health and financial wellbeing of small business operators through the Small Business Debt Helpline and the newAccess for Small Business Owners programs. This has never been more important. At Localsearch, we are urging the Government to increase training and provide succinct communications to every single small business across Australia to help them understand what tonight’s Budget means for them. After all, small business owners can’t become economists overnight. It’s essential that the Government doesn’t continue to overlook the great value and impact small businesses make on our local and national economy – they are the lifeblood of Australia, and we need to start treating them like it.”
Carolyn Breeze, CEO of Scalare Partners
“The Future Made in Australia initiative looks positive on paper. Ultimately, planned sophisticated investor reforms are likely to stunt Aussie innovation to a far greater extent than any of the benefits outlined in this budget. Additionally, the Future Made in Australia framework prioritises manufacturing above all else, which could channel much-needed government funding away from tech innovation and grassroots startups with global appeal. Providing greater incentives for SMEs looking to innovate while also axing investor reforms would be ideal as right now, these changes threaten to reduce the volume of early-stage investment funds available within Australia. This could be accomplished alongside the Future Made in Australia plan, so as not to reduce future manufacturing in Australia. Without this adjustment, we risk putting our industries at a disadvantage while overcapitalising on sectors that are not producing globally-competitive solutions.”
Luke Fossett, General Manager of GoCardless ANZ
“Given the shifts in the global investment landscape over the last 18 months, it’s clear that our federal government needs to take a more proactive approach to support the tech sector. There’s a critical need to champion the next generation of Australian tech entrepreneurs. With the decline in international funding for startups that are pre-revenue or even pre-profit, local support has become essential. If we don’t address this issue, we risk either diluting our unique entrepreneurial culture or losing our best talent to more robust VC markets like the US or UK.
While the current budget makes some strides in enhancing digital capabilities and fostering innovation, it doesn’t quite meet the urgent need for substantial funding required by early-stage tech companies. It’s imperative that future budgets provide stronger backing to ensure our homegrown talents can thrive and compete on a global stage.”
Banjo Loans CEO Guy Callaghan
“Once again, the budget measures are falling well short of what the SME sector needs as it grapples with high inflation, high interest rates and falling demand across many sectors. When will the Federal Government wake up and finally provide the support that small business needs? There are initiatives in this budget for big business, but the engine room of the Australian economy is small business and they’ve once again been overlooked in favour of easy headlines at the top end of town. While we welcome the continuation of the instant asset write-off, we hope that it’s finalised quicker than the extension announced this time last year, which is still languishing in Parliament. SMEs need more assistance — such as additional funding rebates — and they need the tax burden shifted off them so they can pay staff more and fund expansion plans.
“Small businesses are tired of waiting for the Federal Government to realise they can’t be taken for granted. We’re here to support SMEs and want them to know we will continue to advocate for them for as long as it takes for the Federal Government to finally change the business environment to one that works for small business and not against it.”
Anthony Drury, Managing Director ANZ, Xero
“Xero welcomes the instant asset write off extension and energy rebate unveiled in tonight’s Federal Budget, which will provide much-needed cash flow support for small businesses. However, more needs to be done to drive productivity amongst Australia’s small business sector. Xero’s latest report shows there has been a distinct slowdown in productivity over the past year, likely due to softer sales performance and a tight labour market.
We also know from a recent survey that small businesses want to see more support from the Government to improve productivity, more access to capital and greater investment in technology. Xero would like to see a more holistic approach to digitalisation, in a bid to uplift productivity, which would increase profits, lift wages for staff and keep prices low for customers.”
Dr Aengus Tran, Co-Founder and CEO, Harrison.ai
“With spiralling costs, an ageing population and workforce shortages, Australia is in the throes of a healthcare crisis. A crisis that technology – especially AI-enabled solutions – could help overcome. The “Health Research for a Future Made in Australia” package announced in the budget is an encouraging step in creating better standards of care for all Australians. This is further supported by the National Digital Health strategy launched earlier this year, which specifically supports the power of technology in healthcare.
“However, Australia still remains far behind many other nations when it comes to investment in AI research and adoption for healthcare. A blindspot that limits us from reaching the full potential of technology in improving patient outcomes. As an Australian-grown health tech company, we would love to see policies that aid the adoption of medical AI into clinical practice. It’s essential that these tools are scientifically validated not only to meet regulatory requirements, but also the needs of those who use them. Dedicated funding for AI research would enable healthcare professionals to gather evidence of its role in improving our healthcare system, ultimately helping to inform future policies and funding decisions.
“We also need to focus on creating pathways for reimbursement for digital health technology like AI, including short-term solutions like funding that can be used to kick-start adoption and measure impact. The UK, for example, has exclusive funding to speed up the deployment of highly promising AI imaging and decision support tools so patients can get a quicker diagnosis. In Australia, similar funding models are needed to support wider advancements in technology and medical AI in healthcare practices nationally.”’
Damien Andreasen, VP APJ, HiBob
“One of the glaring omissions from the budget was any kind of measure that directly addresses Australia’s skills shortages beyond the construction sector.Employers in Australia across several industries have struggled over the past few years to attract people with the right skills — especially in tech, AI, science and engineering — first during the pandemic when our borders were closed and then again last year during severe economic headwinds. Now would’ve been the perfect time to announce further plans to fix this systemic problem through a mix of education and training programmes for home-grown talent (especially for the rising unemployed) and further short-term visa incentives to attract high-skilled workers to Australia.
“Against this economic backdrop, a recent HiBob study found that pay is the number-one factor that would encourage young people working in tech to switch jobs. And so for the immediate short term at least, employers who have invested so much in their culture, diversity, flexibility and employee wellbeing over the past few years — essentials for modern business — will have to compete mainly on good old-fashioned compensation to recruit the most sought-after talent. That makes workforce planning for each employer even more important than usual.”
Andrew Clennett, CEO and Cofounder of Hiringa Energy
The Future Made in Australia Act is a generational opportunity to even the playing field with fossil fuels, crowd-in investment and accelerate timelines for low-carbon product availability which will be essential to enabling businesses to make responsible change.
The Federal Government has demonstrated its understanding of the important role hydrogen has to play in the energy transition and the scale of investment required, and we welcome the budget’s $19.7 billion allocation to accelerate investment in priority industries, including $8 billion to support production of renewable hydrogen.
Government support is essential and welcome, there are a range of decarbonisation pathways, and government intervention should facilitate the development of a broad toolkit of viable decarbonisation technologies allowing for the breadth of our industries and use-cases.
We believe this budget has set the framework for achieving such a balance, including through the Hydrogen Production Tax Incentive and CfD mechanisms via additional Hydrogen Headstart funding. Having experience of developing commercial hydrogen infrastructure we are confident that these mechanisms will help catalyse the nascent industry. We encourage ongoing policy to allow the market to indicate where green hydrogen makes the most sense, which will ensure a broad range of projects deliver low-emission products to end-users in the format they need, at the point they need it, and at a scale that is consistent with actual demand.
Anneke Thompson, Chief Economist, CreditorWatch
“For all the measures announced in Tuesday night’s Federal Budget, the average Australian is likely to focus on one – the $300 energy bill rebate for each household. In conjunction with a boost to Rent Assistance, these are the key pillars of the Government’s attempts to help with ‘cost of living’ pressures. The Treasurer is attempting to ‘thread the needle’ here – helping Australians with their bills while not making the shorter-term fight against inflation harder. Of course, we won’t know if the Treasurer will be successful until early 2025, tellingly just before the Federal election which needs to be held by May. However, even if these measures do help to bring inflation down to within striking distance of the 2-3 per cent target band by the end of 2024, the Reserve Bank of Australia (RBA) is unlikely to view this as enough to start cutting the cash rate. The RBA will look through these short-term impacts, much like they do with volatile items like fuel and fruit and vegetables.
“CreditorWatch’s latest B2B Trade Payment Defaults data is at record highs, and has been elevated for three straight months, after being on a slow rising trend over 2023. The budget includes $325 energy bill relief for businesses on smaller electricity plans, as well as extending the $20,000 instant asset write off scheme. These are small measures that will help businesses. But what businesses really need, especially the struggling food and beverage and construction sectors, is more confident consumers, as well home borrowers who can afford to engage builders to build houses.
“Unfortunately, this is unlikely to occur until the RBA begins to reduce the cash rate. Energy relief payments in the pockets of consumers, even in conjunction with already locked in tax cuts from July 2024, are unlikely to convince shoppers to go out and spend again. Inflation is still too far out of the target band, and the last thing the RBA wants is for goods inflation to take off again.
“The RBA will be watching services inflation closely, particularly in health and education, and the budget does little to ease pressures here. There are some savings in the NDIS, but these are offset by forecast additional spending in other areas. It will be a non-budget measure – reigning in population growth – that will have the biggest impact here. And the good news is, the forecasts for population are showing much lower growth over the next few years.
“The Federal Government has a great deal of control here, and has already made it clear that it is reducing student visa numbers dramatically. For mine, this is where the inflation fight will be won or lost, and it appears that we are finally now on the right path.”
Brendan Straw, ShopFully Country Manager for Australia
“Fantastic to see the Australian Federal Budget recognising the urgent need to address cost-of-living pressures while simultaneously investing in a brighter tomorrow, all within the framework of a resilient economy. This approach, emphasising responsible economic management, looks to not only provide relief to those feeling the pinch today but lay the groundwork for sustained prosperity in the future. By easing cost-of-living burdens, facilitating affordable housing, and fostering opportunities within a ‘Future Made in Australia,’ this budget seeks to provide a thoughtful response to both present challenges and future aspirations. The cost-of-living crisis continues to hammer Aussie consumers with more shoppers looking for deals and savings to make their dollar stretch a little further. The measures announced in the federal budget will be a good first step in prioritising the well-being and prosperity of Aussie’s across the country.”
Jarrod McGrath, CEO, Smart WFM
“This Budget will do nothing to help fix our stifling productivity, growing skills gap, or ensure a future made in Australia.
“The worker carries this country. My Dad’s Dad was a boiler maker, jumping into fire boxes, often while still trying to keep steam trains running. Dad was a motor mechanic. My friends were mostly tradies. From these roots, this country grew along with a complex industrial relations (IR), union, and payment system that successive governments have made more complicated.
“Today we live and work in tech-driven knowledge economy underpinned by our history and any Budget and government activity must acknowledge this. If we are going to truly going to have a future made in Australia, we need to simplify the complexities that make it so difficult to correctly pay people. If the Government really wants Australia to lead the world on green energy, it has to make it easier for budding green energy entrepreneurs to get the right people in place.
“We need to seriously invest in technology and simplify the complex systems that inhibit its use to drive productivity and efficiency. Political leaders have avoided this for years because it’s not easy to fix and frankly, worryingly, most of them don’t understand it.”
Mark Chapman, Director of Tax Communications at H&R Block
“The headline measure in this year’s Federal Budget is one we already knew about – individual tax cuts. From 1 July 2024, all 13.6 million taxpayers will get a tax cut, which will flow through into their pay packets immediately thereafter. These tax cuts replace the original Stage 3 tax cuts which were legislated by the former government. The tax cuts will put more money into the pockets of taxpayers, especially low- and middle-income taxpayers, and provide welcome relief from the surging cost of living.
“As originally designed by the Liberal/National government, the tax cuts delivered most of the benefit to those on high incomes. So, nothing at all for people earning $40,000 and only $875 for people earning $80,000. This has now been rectified – people earning $40,000 will get a tax cut of $654 and people earning $80,000 will get a tax cut of $1,679.With the cost of living disproportionately impacting low- and middle-income taxpayers, this will provide some much needed extra cash in the pockets of hard working families to pay mortgages, food and fuel bills. Taxpayers don’t need to do anything to get the tax cut. Employers will automatically adjust the amount of tax they take out of your pay which means you should see an immediate increase in take home pay from 1 July 2024. “
CEO of cyber security and sovereign cloud experts AUCloud Peter Maloney
“With Australians some of the most connected in the world with more than 91% of Australians active internet users, safeguarding our nation’s data is not just a duty; it’s a strategic imperative. The 2024-25 Federal Budgetunderscores Australia’s commitment to fortify cyber defences and data protection, ensuring resilience for businesses, government, and citizens alike.As quantum computing emerges as the new frontier, Australia takes a bold step forward with a $472 million investment in PsiQuantum. This isn’t just about innovation; it’s about securing our future in a rapidly evolving technological landscape.”
“The 2024-25 Budget demonstrated proactive stance on cyber threats with investments in digital ID systems, quantum computing, and cyber coordination, we’re not just reacting; we’re shaping the future of cyber security.The allocation of $206 million to enhance the cyber resilience of regulators and registers sends a clear message: protecting financial systems and data integrity is non-negotiable. In a world of evolving threats, vigilance is our greatest asset.With $288.1 million dedicated to expanding Australia’s digital ID system, and a further $160.7 million for NDIS cyber upgrades, the 2024-25 Budget prioritises protection at for new and existing systems. Australia’s commitment to cyber security extends beyond borders. With over $388.2 million invested in upgrading communications infrastructure and overseas property, we reinforce our position as a global leader in combating cyber threats and securing diplomatic networks.”
Susi Tegan, CEO National Rural Health Alliance (NRHA)
“The Budget contains some useful but modest short term investments in health workforce and in the RFDS that will benefit from $73.8m Australia, as top up to support the increased costs of delivery, which is welcomed.
But this Budget goes nowhere near enough to address the long term health inequities faced by rural Australians and the deficit in access and spending on health in rural Australia.
We need to see serious, sustained and systematic investment in rural health, not short term and piecemeal measures, if we are to address the life expectancy gap (up to 13 years for men and up to 16 for women) for rural Australians and show that governments really value the contribution rural Australians make to the national economy and community.
As we head into a federal election year, we call on both sides of politics to commit to; developing a long term National Rural Health Strategy which is underpinned by a compact between federal and state/territory governments through the next National Health Reform Agreement to provide accessible seamless healthcare for rural Australia.
Urgent Care Clinics as a free service are clearly welcomed by the communities in which they operate. But in rural Australia they place additional pressure on a limited workforce, tend to bid up workforce costs and do not address the need for community-led sustainable long-term primary and preventive health care.”
Luke Fossett, General Manager ANZ, GoCardless
“Given the shifts in the global investment landscape over the last 18 months, it’s clear that our federal government needs to take a more proactive approach to support the tech sector. There’s a critical need to champion the next generation of Australian tech entrepreneurs. With the decline in international funding for startups that are pre-revenue or even pre-profit, local support has become essential. If we don’t address this issue, we risk either diluting our unique entrepreneurial culture or losing our best talent to more robust VC markets like the US or UK. While the current budget makes some strides in enhancing digital capabilities and fostering innovation, it doesn’t quite meet the urgent need for substantial funding required by early-stage tech companies. It’s imperative that future budgets provide stronger backing to ensure our homegrown talents can thrive and compete on a global stage.”
Carolyn Breeze, CEO, Scalare Partners
“It’s disappointing to see a lack of meaningful investment in local technology development in this year’s budget. With $1b in taxpayer funds going to US Quantum Computing, we hoped to see comparable backing for local solutions across spaces outside of manufacturing, such as artificial intelligence. The Government has reiterated its $39.9 million pledge for the development of policies and capability to support adoption and use of AI in a safe and responsible manner, but we would like to see more encouraging local talent to roll up their sleeves and develop world-class tech innovations.
New STEM Diversity programs and innovation visas look positive on paper, but it will be some time until the impact of these can be observed within the industry. The Government could have done more in this budget to enable businesses and individuals working on new technology today.”
“The budget allocated to supporting women in the workplace is encouraging to see – $38.2 million to uplift diversity in STEM plus $55.6 million to support women in traditionally male-dominated fields is significant and potentially quite impactful. However, it is not specific enough to benefit female founders or founders from culturally diverse backgrounds, which are demographics that are historically under-supported leaders in our business community.
If the Federal Government is serious about putting Australian innovation on the map and forging a path to sustained economic recovery, we need to bring traditionally disadvantaged people to the forefront and provide them with grant and funding opportunities that are designed specifically to benefit their platform and potential.”
“The Future Made in Australia initiative looks positive on paper. Ultimately, planned sophisticated investor reforms are likely to stunt Aussie innovation to a far greater extent than any of the benefits outlined in this budget. Additionally, the Future Made in Australia framework prioritises manufacturing above all else, which could channel much-needed government funding away from tech innovation and grassroots startups with global appeal.
Providing greater incentives for SMEs looking to innovate while also axing investor reforms would be ideal as right now, these changes threaten to reduce the volume of early-stage investment funds available within Australia. This could be accomplished alongside the Future Made in Australia plan, so as not to reduce future manufacturing in Australia. Without this adjustment, we risk putting our industries at a disadvantage while overcapitalising on sectors that are not producing globally-competitive solutions.”
“In our connected world, the boundaries between work and personal life have become increasingly blurred. Many startups thrive on this flexibility, fostering a culture of innovation and growth. However, the proposal to restrict employers from contacting employees outside of work hours could inadvertently stifle the very essence of what makes startups dynamic and innovative.
Startup culture is built on passion, dedication, and a relentless drive to push boundaries. It’s not uncommon for founders and employees alike to pour their hearts and souls into their work, often extending beyond the confines of the traditional schedule.
In a global competitive landscape where every moment counts, the ability to quickly communicate and adapt to changing circumstances can mean the difference between success and failure.
It’s essential to strike a balance between work and personal life to prevent burnout and maintain overall well-being. Rather than imposing blanket restrictions on after-hours communication, startups can adopt more flexible approaches, such as implementing clear communication channels, offering flexibility in work hours, and encouraging employees to disconnect when needed. By fostering a culture of mutual respect and understanding, startups can promote work-life balance without sacrificing innovation and growth.”
Bryan Williams, Founder of Hockey Stick Advisory
“In the start-up community, hard work and dedication are prerequisites for success. That’s one of the reasons it’s so inspiring to be within this ecosystem. The Right to Disconnect legislation has the right idea in protecting the well-being of Australia’s workforce – but for growing start-ups, it could create challenges during that critical period of immense growth.
The government must keep the start-up community in mind and strike the right balance, especially given the legislation is moving so quickly.
We advise start-ups at all stages of growth but we’re also a growing business ourselves, so we know firsthand the amount of work it takes to get one off the ground, and there are some concerns around how this legislation could impact the viability of many early-stage businesses. We’d also love to see more consideration around how the right to disconnect may impact teams working across time zones.
That said, prioritising family is important and setting a work-life balance precedent from the start, and through ongoing conversation between the team has helped us ensure that it remains a staple in our company culture. We know that finding the right balance can be tough, but it is achievable, even in the start-up community.”
Meredith Fannin, Founder & Director at Darkwave
“In a much-needed move to support the Australian music industry, the Federal Government has committed $8.6 million in the latest budget to bolster festivals and live music venues. This funding injection is poised to significantly impact the bottom lines of these cultural events, ensuring they can continue to thrive and contribute to the economy.
“This initiative not only provides direct financial support to festival operators but also encourages the booking of local acts, creating a robust platform for artist development. The program promises to foster new talent and introduce festival-goers to Australian stories by securing opportunities for emerging artists. The ripple effects of The Budget commitment will extend beyond performers. Production crews, publicists, booking agents, and managers will all see increased opportunities. This holistic support underscores the government’s recognition of the entire ecosystem that supports live music. This funding is a game-changer for the Australian festival sector, promising immediate benefits and long-term growth for artists and music industry professionals. The government’s commitment is a welcome boost that will invigorate the sector and ensure the continued celebration of local artists on our festival stages.”
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