Queensland’s small and medium-sized businesses are set for a $300 million boost as the Palaszczuk Government lifts the Buy Queensland small and medium business procurement target from 25 per cent to 30 per cent.
Minister for Public Works and Procurement Mick de Brenni said that in 2022, the Queensland Government was taking Buy Queensland to the next level, as they set up to maximise the 20-year pipeline of Olympic opportunities.
“Queensland businesses are set to go for gold because we will now source at least 30% of our procurement from Queensland SMEs, injecting an extra $300 million into good jobs and businesses across the state.” Minister de Brenni said.
“Our Government unashamedly backs good Queensland jobs and our Buy Queensland initiative ensures that our investments drive economic, environmental, and social outcomes that benefit all Queenslanders.
“Since we introduced the approach in 2017, $45 billion has been invested in more than 64,700 Queensland businesses from Coolangatta to Charleville, Coorparoo to Cloncurry, and right up to the Cape,” he said.
National Retailers Association (NRA) CEO Dominique Lamb praised the initiative for Queensland’s small businesses, which are currently struggling with higher operations costs, supply chain issues and labour shortages.
“SME’s 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 shrink into the background when in reality they are an integral part of the Queensland economy. 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,” Lamb said.
“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.”
Minister for Employment and Small Business Di Farmer said boosting procurement with Queensland small and medium-sized businesses was growing good jobs to support local communities across the state and fuel the economy.
“Exceeding the previous small and medium business target showed the success of the Buy Queensland approach that we introduced in 2017 and since then the Palaszczuk Government has invested more than $75.5 billion with almost 80,000 businesses,” Minister Farmer said.
“The best part is that $8.83 billion has gone to Queensland regional businesses – more than 28,670 of them in that time.”
“These figures are a great start, particularly during such challenging times but there’s more we can do, and that’s why we have now increased the Buy Queensland small and medium business target to 30 per cent,” she said.
Chamber of Commerce and Industry Queensland (CCIQ) CEO Heidi Cooper said there were significant opportunities for Queensland businesses and economies to benefit from procurement opportunities over the next decade.
“In 2022 we saw a small and medium business target of more than 25 percent of procurement for small business achieved and payment terms secured at 20 days,” Cooper said.
“To know that target has been increased again could not have come at a better time for Queensland businesses as they prepare for opportunities for long-term growth, diversification and resilience.
“Procurement has a significant role in those opportunities and means businesses have access to even greater horizons in working with the State Government.
“This is not only a benefit to those businesses, but to the economies, industries and communities they are a part of.”