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.
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