Funding secured for storm recovery
In December our community was hit by severe storms and smashed by hail the size of golf balls. The storms caused major disruption and extensive damage to homes, power lines and infrastructure. I made the case for federal disaster assistance funding for our community to the Minister, Senator Linda Reynolds and a comprehensive support package has been delivered. In January, I brought Senator Reynolds to the electorate to see the storm damage first hand. We met with residents and emergency service workers. I am committed to ensuring all Berowra residents are kept safe and informed during emergencies and are supported during the recovery phase.
For more information on the Disaster Recovery Funding Arrangements visit disasterassist.gov.au
Our plan to support small and family business
Our Government is backing small business as part of our plan for a stronger economy. In Australia most people with jobs in the private sector are employed by small business with over 2 million small and mediumsized businesses contributing almost 70 per cent of the private sector employment.
Despite this, many small and medium businesses are struggling to access finance. Banks will only approve loans to small business with collateral, typically real estate such as the family home. This leaves very few options available to enterprises looking to reinvest and expand their businesses.
Recognising this difficulty our Government is lowering the cost of funding for smaller banks and nonbanks with a $2 billion Securitisation Fund so small and family businesses can access cheaper loans. By providing funding support to lenders, small businesses will now have the option of equity over debt finance.
This is on top of lowering taxes for 3.3 million small and medium businesses to 25 per cent, cutting nearly $6 billion in Commonwealth red tape, giving small business access to $20,000 instant asset write off and supporting young girls and women to become entrepreneurs through a new $3.6 million Future Female Entrepreneurs Program.
Small business is the backbone of Australia’s economy and our Government’s policies ensure small and family business can continue to thrive.