Money you might have missed in the budget 

Arts & Communications 

• $286 million will be allocated to renew and revive Australia's arts, entertainment, and cultural sector through its landmark National Cultural Policy Revive, including $69.4 million for Music Australia. 
• The national broadcasters ABC and SBS will receive five-year funding terms and an increase in base operational funding. 

 

Small Business 

• Instant asset write-off for small businesses has been increased from $1,000 to $20,000. 
• Eligible businesses that invest in energy-efficient equipment will be entitled to an additional tax deduction of 20%. 
• The GDP uplift rate will be lowered to 6%, compared to the previously used 12% rate, which will free up cash flow for small to medium businesses. This change will impact the solvency test and allow more businesses to avoid insolvency and continue trading. 
• Starting from July 1, 2026, employers will need to pay their employees' superannuation at the same time as their salary and wages. This builds on a change made last year, which removed the $450 superannuation threshold, making super payable on all earnings (relevant to artists). 

 

Other 

• There will be a funding cut of $61.0 million over four years (from 2023-24) to the Export Market Development Grants program (EMDG). 
• The Thriving Suburbs Program will receive $211.7 million, providing competitive grants for community infrastructure in urban and suburban communities. 
• The Industry Growth Program will receive $392.4 million to support SMEs and startups in commercialising their ideas and growing their businesses. 
• Visa Application Charges (VACs) will be raised by 6% to 40%, depending on the subclass, effective July 1, 2023. 
• However, additional funding has been announced to boost visa processing capacity.