The program for entrepreneurs introduced in last year’s federal budget – which was half-baked anyway – has had a bunch of cash chopped out of it.
Over five years, $27.3 million will be cut from the Entrepreneurs’ Infrastructure Programme with the majority of it front-loaded to this financial year.
Here’s the table.
The government said savings would be achieved, in part, by changing the way it is implemented.
Funding of $526.4 million over four years from 2015-16 “will remain available to support programme objectives”.
“The savings from this measure will be redirected by the Government to repair the Budget and fund policy priorities,” it said.
The program was established after startups lost a number of programs in the 2014 budget which supplied government funding and was allocated $484.2 million over five years from last July to support the “commercialisation of good ideas” and boost small businesses.
More Budget Coverage:
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- ANALYST: The budget ‘hung the economy out to dry’ and more rate cuts are needed
- This debt chart shows the Abbott government squibbed the tough decisions in the budget
- 31 things you need to know about the federal budget
- Here’s what Australia’s startups think of the stimulus plans in the federal budget
- MYOB’s CEO says the $20K startup gift will be ‘phenomenal’ for Aussies
- All the government programs that have been cut in Australia’s federal budget
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