SCOTT MORRISON’S PLAN FOR SMES IS TO SADDLE THEM WITH MORE DEBT

RICHARD MARLES MP | JIM CHALMERS MP

The Morrison Government’s third attempt at its SME loan scheme falls completely short of what struggling small businesses need in order to recover from the recession.

Morrison is cutting direct support and asking small businesses to take on further debt from an already grossly under-subscribed scheme.

Despite promising $40bn in small business assistance, the Morrison Government has now confirmed only $3bn has been lent under the existing scheme over the past year.

Morrison must explain how re-badging this inadequate scheme is good enough for tens of thousands of struggling small businesses that will face the impact of JobKeeper cuts on 28 March.

Labor has backed every effort to help small businesses and that won’t change, and we want this version of the scheme to work better than the last.

But without direct support, this isn’t a lifeline for small businesses, it is asking them to sign up to a lifetime of debt.

Is this seriously Scott Morrison’s plan for the tens of thousands of workers, hired by small businesses?

Small businesses deserve a comprehensive plan from this government that will help them through this health pandemic, not a ticket from Scott Morrison to more debt.

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