Karen Andrews (McPherson, Liberal Party, Minister for Industry) Share this | Hansard source

I start by thanking those members who have contributed to the debate here today. The Australian Business Growth Fund Bill 2019 introduces new legislation that authorises the Commonwealth government to participate in forming, and acquiring shares in or debentures of, the Australian Business Growth Fund, the BGF, and appropriates $100 million for that purpose.

The government recognises the challenges that small and medium-sized enterprises, SMEs, face in accessing capital and the lack of a patient capital market for SMEs in Australia. Through the Australian Business Growth Fund, the government will offer growing established companies patient capital and strategic support to assist them to reach their growth potential. The government is making a substantial contribution to the BGF, which will have an initial investment capacity of $540 million with the potential to grow to around $1 billion as it matures.

The government wants to take the opportunity to thank the other banks involved in the announcement made last week for their investment in the BGF: NAB, CBA, Westpac, ANZ and HSBC. The government also wants to take the opportunity to thank stakeholders, such as the Australian British Chamber of Commerce, that have assisted with the development of the BGF. With this bill, the government is delivering upon its election commitment to invest $100 million to help establish the Australian Business Growth Fund and its wider promise to support Australian small businesses.

I'd also like to take the opportunity to speak on behalf of the many small businesses—small and medium-sized enterprises, but particularly small businesses—right around Australia. We do understand how difficult it is for many small businesses at the moment, particularly those that have been affected by bushfires. We know the fires have had a significant impact on them, particularly over the Christmas period, when they have had significant disruptions to their ability to earn income through their businesses. We know that many of the small businesses that have been affected rely on the revenue they get during the Christmas holiday period to sustain them throughout the year and to get them ready for the following period of time. We are aware that those businesses have been hit quite hard. I appreciate the opportunity to be able to add those comments. I commend this bill to the House.

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