Ms PAYNE (Canberra) (17:59): Small businesses are facing a lot of pressure right now. I know that from talking to the small businesses in my community. The Albanese Labor government is committed to helping small businesses build resilience in the long term and to providing practical support for small businesses that are experiencing challenges. This year's budget provides more than $640 million in practical, targeted support for small businesses. For small businesses that need assistance, there is a free, government-supported phone line, the Small Business Debt Helpline, with experienced small business financial counsellors who can provide advice to weather a difficult time. This helps to support the mental health of small business owners who face unique challenges, as their mental state is connected to the financial health of their businesses.
Other ways our government is supporting the financial health of small businesses is through the NewAccess for Small Business Owners program, which provides tailored, free and confidential mental health support to small business owners. Small businesses can also engage early with the Australian Taxation Office, which can provide support to people finding themselves in difficulty. Our government is also funding the expansion of the National Tax Clinic program, with an additional five clinics across the country providing small businesses and individuals with better tax advice and help. Small businesses can also access the Tax Concierge Service through the Australian Small Business and Family Enterprise Ombudsman. This ombudsman is funded to provide support where there may be disputes.
We are easing the pressure on small businesses by streamlining processes to minimise administrative burdens and to help them bounce back from challenges. In particular, eligible small businesses will receive the $325 energy bill relief payment under our most recent budget. Our government also provided $1.8 million to progress regulatory reforms to retail energy markets that will ensure small businesses are on electricity contracts that work better for them. I was really pleased to visit a small business in my electorate, the Scott Leggo Gallery, with the Minister for Small Business to talk about those announcements from our budget and hear how it would benefit them.
We are levelling the playing field for small businesses by enabling healthy competition and ensuring small businesses get a fair go. We are supporting small businesses to grow by removing barriers to entry and we're encouraging growth in the small business sector by reviewing and reforming Australia's competition policy settings to increase productivity, reduce the cost of living and boost wages. Australian small businesses are obviously vital to the country's prosperity. We are doing everything we can to ensure that small businesses continue to play their critical role in making Australia's economy stronger.
The member for Casey's assertions that we are failing small businesses are utterly false. We are doing more than ever to support small businesses and ensure that they continue to thrive in the future. We know that, with the unwinding of COVID-era relief, the number of corporate insolvencies is slightly exceeding previous peaks. However, the level of corporate insolvencies as a proportion of all companies is lower than the long-term historical average. Companies entering external administration are also increasingly using the small business restructuring process to successfully restructure their debt and remain in business. This is something I've heard a lot about from people in my electorate. The government will continue to monitor developments in this space.
We know small businesses are the engine room of our nation's economy. They collectively employ more than five million Australians and contribute more than $500 billion to our nation's economy every year. We are continuing to back Australia's 2.5 million small businesses to ensure that they have confidence and certainty going forward. We are lucky that, in the member for Franklin, we have a minister for small business who is passionate about and committed to helping small businesses thrive.
By backing Australian small business, we are backing Australia's future economic growth. We are supporting local communities to whom small businesses provide jobs, revenue and services, strengthening these communities. By building small business resilience we build the resilience of the nation.
