The October 2022 budget has landed and Labor hasn’t been shy about lowering our expectations. Treasurer Jim Chalmers said repeatedly on Tuesday that the government has shown restraint this time around, and that’s certainly true when it comes to what startups can expect.
In fact, the term ‘startup’ only appeared a couple of times in the budget papers, and it was all pertaining to the same thing. We’ll get to that.
But even when it came to tangential cash injections that could affect the startup space in Australia, they were few and far between.
That isn’t to say there’s nothing to get excited about. The budget does deliver on some of the key wants from startup founders we spoke to this week, including with support for STEM careers.
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But the vast majority of measures that are directly related to Australian startups came out in pre-budget announcements. Plus, skills shortages continue to be a pain point.
Still, here are the most important takeaways we found in the October 2022 budget.
Thanks for that summary! What am I missing? They expecting 140,000 job losses but spending money on bringing in 180,000 migrant workers? Not supporting start-ups and not much for small business so no growth or innovation – where are the jobs coming from? As a start-up in the digital economy looking for funding, and someone who is not a uni student – was there anything in the budget useful for someone like myself? I couldn’t see anything.
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