Small businesses will receive a $325 energy rebate and continue to be able to write off assets valued up to $20,000 as the federal government looks to reduce cost pressures across the economy while muscling up the critical minerals industry.
But the change stopped short of the opposition’s calls to increase the write-off amount to $30,000 and make it available to businesses with annual turnover of up to $50 million. The federal budget has set aside $3.5 billion over three years from 2023–24 to extend the Energy Bill Relief Fund. That will include a $325 rebate to eligible small businesses for a year from July 1. Prime Minister Anthony Albanese said in April that last year’s budget delivered $650 in savings for about 1 million small businesses and 5 million families.