The Australian Government offers many subsidies to businesses and individuals to assist them in pursuing their goals. These aren’t loans and there is no expectation of repayment, instead they are Read more
The Australian Government offers many subsidies to businesses and individuals to assist them in pursuing their goals. These aren’t loans and there is no expectation of repayment, instead they are given with the expectation that they will in some way benefit Australian society. This may be by facilitating research or product development, enabling training or incentivising certain business practices. Most grants come with significant reporting requirements and heavy scrutiny from experts or peers.
What sort of government grants are available?
The Australian Government offers hundreds of grants which are constantly updated. The full list is available here https://www.business.gov.au/assistance/results?q= and there are options to search by state, by industry, by the type of assistance or by the necessary requirements to apply.
Some of the most important grants for small businesses include:
State governments in Australia also offer a number of grants to new businesses operating in their state, and can be found using the link above and filtering for a specific area.
Why does the Government support startups?
While it may be easy to understand why the Government would fund projects of proven businesses with track records of success, the benefit of funding riskier startups is less obvious and immediate. It’s important to remember that while a new business founder is pursuing their goal for personal reasons, startups in general serve an important function in the business community and the marketplace. Startups innovate new approaches to problems and business practices, and encouraging individuals to take the risk of pursuing that innovation is vital to improving any industry. Similarly, while an entrepreneur's first venture may fail, their second, third or fourth venture may be a huge success. Government grants provide support to entrepreneurs (and many other types of business people) to develop themselves and grow as individuals, which empowers them to take advantage of opportunities down the line.