The Palaszczuk Government is supporting the recovery of small and medium-sized businesses by injecting a $300 million boost from Buy Queensland procurement initiative.
The National Retail Association welcomes Queensland’s Government’s decision to lift the Buy Queensland small and medium business procurement target from 25 percent to 30 percent, resulting in a $300 million boost to SME’s.
Buy Queensland is about ensuring Queenslanders benefit from the government’s procurement investment and in 2022, the Queensland Government had taken Buy Queensland to the next level, as they set up to maximise the 20-year pipeline.
The approach was first introduced back in 2017 when $45 billion had been invested in over 64, 700 Queensland businesses in all areas across the state. Especially Queensland regional businesses which received $8.83 billion.
Chief Executive Officer, Dominique Lamb said that this is an incredible initiative for Queensland’s small businesses which are currently struggling with higher operations costs, supply chain issues, and labour shortages.
“SMEs are finding it difficult to compete with their larger contenders and it’s beginning to erode business confidence. This current environment is causing small businesses to shrink into the background when in reality they are an integral part of the Queensland economy” said Dominque Lamb.
“Taking Buy Queensland to the next level evens out the playing field and gives these businesses the opportunity to grow despite the factors working against them”.
“The NRA invites small businesses to take advantage of the increased Buy Queensland procurement target and use it as an opportunity to take their businesses to the next level. This initiative is one in many important steps the Queensland Government has taken to support small businesses and we commend these businesses on their continued resilience”.
Source: NRA
