“You are the ones who make our economy tick”: Small business minister Kelly O’Dwyer praises Australia’s fastest-growing SMEs

Smart50 finalists show off their awards 

Small business minister Kelly O’Dwyer has praised the resilience of the nation’s fastest-growing small businesses at last night’s Smart50 Awards.

Addressing a crowd of more than 200 small business people and entrepreneurs via a pre-recorded video, O’Dwyer said SMEs are the backbone of the Australian economy.

“Small businesses are one of Australia’s largest employers and are critical to the lifeblood of our economy and our community,” O’Dwyer said.

“It is you, and your passion, that fuels this country’s vibrant small business culture. Entrepreneurs and risk-takers who are prepared to act on ideas, adopt new tools and technologies and invest time and resources in growing a business. You are the ones who make our economy tick.”

O’Dwyer replaced former small business minister Bruce Billson in Malcolm Turnbull’s cabinet reshuffle last month.

While the Member for Higgins has never run a small business, her parents and grandparents are small business people.

O’Dwyer says as small business minister, she is passionate about creating an environment where SMEs can thrive.

As part of this commitment, the Turnbull Government says it will push through legislation supporting crowdsourced equity funding before the end of the year.

“There is now a small business tax cut of 1.5%,” O’Dwyer told the crowd at the Smart50 Awards.

“We’ve also improved the taxation of employee share schemes, so that small business can access and retain talented employees.”

The Turnbull government is set to unveil a suite of policies aimed at encouraging innovation before the end of the year.

The opposition has been hot on their heels, promising incentives for tech startups and a further small business tax cut.