Most claims initiated relate to support for wages and employment, training, and business development
Australian SMEs are making good use of Commonwealth Bank’s Benefits finder to explore ways to offset rising cost-of-living pressures, upskill staff, or explore new business opportunities, fresh figures show.
In the 2023 financial year, Benefits finder has bridged businesses to nearly 18,000 claim opportunities, for benefits amounting to around $36.9 million, and with most claims initiated relating to support for wages and employment, followed by training and business development.
Benefits finder was launched in 2019 and was made available to businesses in June 2021. In the two-plus years since then, the digital tool has connected business customers to more than 44,000 claims, worth more than $105 million in benefits.
Businesses can access Benefits finder via the CommBank app and NetBank, to find out what benefits or rebates they may be eligible to claim, by answering a few simple questions. Customers are then provided details, including how much they may be able to claim from each benefit or rebate as well as instructions on how and where to claim.
Nearly 2,000 business customers have also benefitted from CBA and More Telecom’s discounted NBN, broadband, phone or mobile services, saving them more than $566,000 since the offering was launched to businesses in June 2022.
Grant Cairns (pictured above), Commonwealth Bank executive general manager small business banking, said business owners were exploring Benefits finder for a great variety of reasons.
The top-five Benefits finder claims initiated in FY23 were wage subsidies, Skill Finder business courses, Youth Jobs PaTH, self-employment assistance, and fuel tax credits.
And since Benefit finder’s launch to businesses, the top-five claims were NSW COVID-19 business support grant, skill finder business courses, wage subsidies, Youth Jobs PaTH, and Natural Disaster Assistance Business Disaster Assist.
“Wages are often the biggest cost for SMEs, and many are seeking support for staffing,” Cairns said. “Others are exploring alternatives such as initiatives that make it easier for SMEs to offer internships to young people who are keen to build their work experience and skills.
“Business owners are also taking proactive steps to future-proof themselves or seek opportunities, by turning to Benefits finder to discover training or education options or find financial or other support to develop their business or start a new venture.”
CBA’s Benefits finder has also been a great help for a number of businesses that were impacted by extreme weather events such as the NSW floods in September and storms in Victoria October, in seeking out government grants and additional recovery support.
Benefits finder was developed as part of the ongoing collaboration between CBA and Harvard University’s STAR (sustainability, transparency, and accountability research) Lab. It has had more than 200 business-specific benefits and rebates added since it was expanded for businesses in June 2021 and is regularly updated with new benefits and rebates.
In a media release, CBA said it also offers a wide range of financial tools, support, and insights through its Cost of Living Support Hub, including how to find relevant discounts, rebates, and benefits.
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