The Albanese Government has announced additional funding to help Australia’s 2.5 million small businesses access mental health and financial counselling support.
The free of charge, tailored programs would include the Small Business Debt Helpline, delivered by Financial Counselling Australia and NewAccess for Small Business Owners program, delivered by Beyond Blue.
Last year, a survey of almost 700 financial advisers found 95% said their stress levels had increased and 87% said their mental health had declined as they dealt with compliance and regulation in their businesses.
In 2022, an Australian Treasury survey of over 1,000 small business owners found 22% had been diagnosed with a mental ill-health condition in recent months. Some 14% reported an anxiety diagnosis, 12% reported a depression diagnosis, and 12% reported a stress-related diagnosis.
“I understand that many small businesses are doing it tough, and I want them to know that support is available,” said Minister for Small Business Julie Collins.
“I would urge small businesses to access these free Government-funded programs that provide confidential support from coaches and counsellors who understand how small businesses work.”
The growing number of small businesses in the country was a testament to the entrepreneurial spirit and innovation of Australians, she added.
In 2020-21, the small business sector in Australia generated around $438 billion and employed over five million people.
Under the previous Government, this funding had been due to finish at the end of 2022.
So $6 per business, should go a long way
As usual they are treating the symptoms and not the cause, the stress levels can be reduced without spending another dollar, CUT THE RED TAPE, and reduce the compliance burden, 90% of our stress problems comes from the overreach by the regulators in the first place, they want us to be professionals but still treat us as naughty little children that have to be regulated every second of the day.
All comments above – well said. This one got me – professionals “being treated like naughty little children” would be funny if was not so catastrophically sad and caused by bureaucratic incompetence.
If we treated our clients like the regulator treats financial professionals we’d be banned for life.
I don’t need mental health programs, I need the Government to get off my back. You are the cause and you are treating the symptoms.
So the government is going to gift Beyond Blue and Financial Counselling Australia $15 million and claim this is of benefit to small business.
The best thing the government can do for small business is simply get out of the way. The bureaucratic red-tape imposed by numerous government departments is the problem. The government is the problem.