Play it again Jim - the 2025 Budget for startups is just like last year: SFA*

* No, SFA is not an acronym of Startup Funding Announcements.

As we said last year. Nothing. Nada. Zip. Again.

You won’t find the word startup in the 2025 federal budget papers.

Innovation is mentioned seven times in Budget Paper 1 and an eighth time in Paper No. 2 – referencing “the 2024–25 Budget measure titled Future Made in Australia – Investing in Innovation, Science and Digital Capabilities”.

Like an extra $2 billion to the Clean Energy Finance Corporation, the $1.7 billion Future Made in Australia Innovation Fund is a previously announced plan.

Entrepreneur get used once – on page 31 of Budget Paper No. 1.

“The Government is also supporting a new place-based business mentoring and coaching program to support First Nations businesswomen and entrepreneurs achieve financial and economic success.”

Entrepreneurship. Nope.

Cybersecurity? Yeah, nah.

There are no unique insights. You won’t find any startup/tech buzzwords.

In fact, what’s notable is that the R&D tax incentive – a key issue for many in the startup sector – will actually cost the government $640 million less over the next five years to 2028–29, “largely reflecting lower-than-expected numbers of claims”.

That’s a dramatic $3.2 billion turnaround from 12 months ago when the Budget predicted a $2.6 billion increase over five years to FY28. This financial year the government says the R&DTI is expected to increase by $55.8 million.

There’s an initiative called Front Door “for investors with major transformational proposals” with pilot services expected to kick off in September.

“The Front Door will make it simpler to invest in Australia and attract more global and domestic capital,” the budget says.

“It will act as a single-entry point for investors, help the Government to identify priority projects and provide those projects with coordinated facilitation services. An Investor Council will support the Front Door to prioritise proposals, coordinate public financing and facilitate information sharing on potential investment opportunities.”

Budget night is a chance for ministers to blow their trumpet and champion the portfolio they represent.

Here’s a screenshot of science and industry minister Ed Husic’s media release page at 9pm – 90 minutes after treasurer Jim Chalmers handed down the budget.

Enough said. Yet again.