Treasurer Jim Chalmers has announced a new support package aimed at helping Australian businesses manage rising costs and supply pressures driven by the ongoing fuel crisis linked to conflict in the Middle East.
Speaking at a press conference at Parliament House in Canberra, Chalmers outlined a three-part plan designed to provide immediate relief, improve access to credit and ease financial strain on small businesses.
The first measure focuses on tax flexibility, with the Australian Taxation Office set to offer temporary relief for businesses struggling to meet obligations due to fuel supply disruptions.
“The [Australian Tax Office] has agreed to provide temporary relief for businesses unable to meet their tax obligations due to fuel supply issues, where that’s appropriate.”
He said the support could include more flexible payment arrangements and reductions in penalties.
“These could include more generous payment plans, remission of interest and penalties, and also support in various [pay as you go] instalments where there’s been a downturn in taxable income,” he said.
The second element of the package extends an existing exemption from small business responsible lending obligations for another 10 years, a move the government says will make it easier for businesses to access finance.
“We are going to help small businesses access easier and faster credit by extending these for a further 10 years,” Chalmers said.
“This will help ensure small businesses aren’t slugged with additional regulatory burden and delays when they’re accessing loans.”
The third measure involves coordination with banks and financial institutions to provide additional support, including temporary payment deferrals, loan restructuring and emergency increases to credit limits.
The package comes as businesses across the country grapple with rising fuel prices, which are flowing through to transport, logistics and operating costs. Industry groups have warned that prolonged disruptions could place further pressure on small and medium-sized enterprises already operating on tight margins.
The government says the measures are designed to provide short-term relief while maintaining business confidence during a period of global uncertainty, as Australia continues to feel the economic impact of international instability.
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