Cost of living budget with modest boost for business
Victorian Chamber of Commerce and Industry
The Victorian Chamber welcomes the State Government’s commitment to deliver the Economic Growth Statement in the State Budget – a critical first step in restoring business confidence and driving private sector-led growth.
We welcome the budget returning to surplus as it signals the State’s intent to address the debt. No new taxes on business is an equally positive sign. While there is clearly a focus on cost of living, there are some offerings for business and we are now looking to government to stick to the plan they outlined today to guide our path to prosperity.
The Victorian Chamber welcomes the reaffirmed focus on export capability for small business, the establishment of the Skills Solutions Partnerships, the Boosting Business Skills Mentoring program, the improvement and streamlining of quarry approvals, further skills development, regional tourism funding and the cutting of red tape for businesses. These were all key priorities in our budget submission.
We also welcome the news that Treasury has allocated one-third of the new Victorian Investment Fund to Regional Victoria, with the ambition of growing crucial sectors.
Victoria must be seen as an attractive place to live and do business. It’s paramount that off the back of the Economic Growth Statement, the State continues to address the cost of doing business crisis that parallels the cost-of-living crisis. The State Government must now consider business tax reduction, along with property sector stimulation to support business in driving for growth.
To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:
“The State Budget is generous with cost-of-living support and, while we welcome no new taxes and the operating surplus, the incentives to grow and propel the private sector are modest.
“Funding for skills development, regional tourism, improving efficiency and timeliness of quarry approvals and real support for small and medium business with mentoring and trade exporting programs are all welcome, but if the State really wants to accelerate growth, it must shift to building business confidence
“The State Government’s commitment to implementing the Economic Growth Statement is important and must be followed by continued debt reduction, business tax reform, stimulating the property sector and a comprehensive and realistic energy plan.
“While addressing cost of living is important, the State Government must now prioritise stimulating business growth. If we get the next steps right, we have the opportunity to unlock private capital, create new jobs and grow the economy. Let’s make sure this budget is the turning point – not just a talking point.”
Contact details:
Mikkayla Mossop - 0412 464 897