Banks, super funds reject PM’s $1b business growth fund

Chris Bowen declined to comment on whether Labor would back the fund and instead highlighted Labor’s proposed Australian Investment Guarantee – targeted tax relief for businesses that invest in Australia and Australians.

“The Liberals are playing catch up when it comes to supporting businesses that want to invest and grow, and still haven’t matched our permanent AIG which supports all businesses investing in Australia,” he said.

Don’t leave startups behind

Startup investors and business leaders have warned the fund needs to consider its size and focus to ensure tech companies are also given opportunities for guidance and growth.

“Dedicating $100 million to the Australian version is not nearly enough, but it’s a step in the right direction. Australia needs significantly more investment in scale-ups that create jobs, not just small business, and those scale-ups are often technology companies that want smart money,” said chief revenue officer of innovation group Singularity University, Jeremy Liddle.

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