✦ Plain-English Summary

Australian Business Growth Fund (Coronavirus Economic Response Package) Bill 2020

What it does

The government is putting money into a new investment fund called the Australian Business Growth Fund to help small and medium-sized businesses during the COVID-19 crisis. The government will invest alongside private investors—it's not a solo government effort, but a partnership to pool money together.

Why it matters

Small and medium businesses were struggling to access funding during the pandemic, so this fund is designed to get capital flowing to companies that needed it. By having the government share the risk with private investors, it makes the fund more attractive and gets more money available for business growth and survival.

Key details

• It kicks in immediately—the law comes into effect the day after it receives Royal Assent, so it wasn't sitting around waiting
• Government acts as co-investor, not controller—the Minister can make decisions about the Commonwealth's participation, but the fund operates with other investors and isn't turned into a regular government-owned company
• Annual reporting required—the government has to publish yearly reports on how the fund is performing, and Parliament will review how the law is working after a set period

Committee Referrals

Senate Standing Committee for the Scrutiny of Bills

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

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