Ecommerce solution specialist, preezie co-founder and CEO, Michael Tutek welcomed the new $392.4 million Industry Growth Program, slated to help SMBs and start-ups expand their operations by developing new products and services.

“This is precisely the kind of thing we need to inspire innovation for both new and established businesses. We hope the government ensures this reaches the businesses that need it most to thrive,” he said.

“Overall, there was not much more good news for start-ups specifically. The proposed cash flow relief for more than two million small businesses is a potential boon, however, as businesses struggle to raise capital under the current economic conditions, they need a boost to their budgets to ensure they can continue to pay their bills.”

Tutek believes support for businesses to expand their operations, such as financial assistance for those opening offices overseas, would have helped Australian businesses to access the global market more easily. “Hopefully we see something like this in a future budget,” he said.

“More than $1 million over five years to support the development and adoption of new technologies, including AI, has the potential to boost operational efficiencies over time. I believe the power of AI is not that it will replace jobs, but that it will free up time in key roles for further innovation.”

What was missing from the budget? “Any acknowledgement of Research and Development (R&D) tax incentives, which I think is not only important but should be broadened even further by the government by introducing similar grants aimed at sales and marketing efforts.”