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The federal government has pledged almost $11 million in mental health and financial counselling support for small businesses.
The Albanese government will release $10.8 million of new funding over a period of 18 months to help finance the existing Small Business Debt Helpline and the NewAccess for Small Business Owners programs.
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The NewAccess for Small Business Owners program is a free, one‑on‑one mental health coaching program delivered by Beyond Blue.
The Small Business Debt Helpline is a financial counselling service run by Financial Counselling Australia, which offers free, independent and confidential phone‑based support to small-business owners.
In the May 2024 budget, the Albanese government committed more than $640 million to support small businesses in the government’s Small Business Statement – including this funding.
The new funding investment in NewAccess and the debt helpline is effective from 1 January 2025.
Minister for Small Business Julie Collins said: “Small businesses are the engine room of Australia’s economy, and employ millions of employees. It’s important they have the support they need, when they need it.
“Small-business owners and operators are resilient, but we also know some small businesses are doing it tough right now. That’s why this support is so important,” Minister Collins said.
SMEs under strain
The support comes after a recent Prospa survey, conducted by YouGov, found that 77 per cent of SME leaders felt personally impacted by rising costs, and almost half (43 per cent) said they’d experienced emotional stress as a result.
Three-quarters said they expected challenges over the coming months.
[Related: 26% of SMEs to seek external funds in 2025]
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