South Australian State Budget 2016-17
News ID: 17961
The South Australian 2016-17 Budget was handed down by Hon. Tom Koutsantonis on 7 July 2016. This year's budget promotes the creation of jobs through the building of key industries and development of new economy business. See our summary of grants below:
Job Accelerator Grant Scheme
The SA Government will established a $109.2 million (over three years) job creation grant scheme to support businesses to grow and create new employment opportunities. This includes:
- $10,000 grant for businesses with taxable payrolls below $5 million for each additional new worker.
- $4,000 grant for small businesses and start-ups for each additional new worker.
Small Business Payroll Tax Rebate
$40 million will be provided to extend the small business payroll tax rebate over four years, providing up to $9,800 each year for employers with taxable payrolls less than or equal to $1.2 million. About 2,300 businesses will benefit from this initiative.
Developing Future Industries
The SA Government has commited $29.8 million to spend on innovation, including:
- $10 million for the South Australian Early Commercialisation Fund to assist start-ups at the pre-seed and seed stage of development so they are better positioned to attract long-term investment.
- $7.5 million for the University of South Australia’s Future Industries Institute to encourage innovation, collaboration and new industry.
The Budget also extends the following existing measures to support the development of future industries:
- $35 million (over two years) for the Tourism, Marketing and Major Events Fund to secure new events and market the state’s current events and tourism offerings.
- $20 million (over two years) for the Economic Investment Fund to support the attraction of business and industry in the state to promote job creation.
The Government will also introduce a $50 million South Australian Venture Capital Fund, to partner with private sector financers to support innovation and help build high-growth companies in South Australia.
Sports, Recreation and Arts
- $10 million will be provided over three years for the establishment of a Women’s Sporting Facilities Fund which will provide grants to community sporting clubs to provide facilities for female participation in sport.
- $15 million toward arts funding to support the South Australian arts sector.
The Budget Report can be found here.