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Over $15 million has been pledged for mental health and financial counselling support.
The federal government has committed more than $15 million in additional funding for tailored programs to support the mental health and wellbeing of small-business owners.
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This funding will be used to provide access to free mental health and financial counselling support, including through the existing NewAccess for Small Business Owners program from Beyond Blue and the Small Business Debt Helpline from Financial Counselling Australia.
Funding for these programs had been due to end on 31 December 2022, but the government said the extension into 2023 will ensure that small businesses continue to receive support.
In a statement, Minister for Small Business, Julie Collins, said that the Albanese government recognised the significant challenges that many of Australia’s 2.5 million small businesses have been facing and is committed to helping improve the sector’s long‑term resilience.
“I understand that many small businesses are doing it tough, and I want them to know that support is available,” Ms Collins said.
“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.”
More than half — 54 per cent — of financial advisers surveyed last year reported that their mental health had significantly declined, with the highest rates coming from those who own their own businesses.
Additionally, 80 per cent of respondents said that they had experienced a significant increase in their stress levels, with stress most prevalent among those exiting the advice industry.
More broadly, research published by Treasury late last year showed that many small businesses have struggled with mental health challenges in recent years.
Around 22 per cent of small-business owners reported having been recently diagnosed with a mental health condition by a doctor or health professional.
Of all respondents, 14 per cent reported an anxiety diagnosis, 12 per cent a diagnosis of depression, and 12 per cent were diagnosed with a stress-related problem.
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