After a period of significant uncertainty caused by successive state and federal elections, the forthcoming State Budget is an opportunity to restore business confidence according to the Illawarra Business Chamber.
Key among these are to fast-track reforms to payroll tax in regional areas, including the Illawarra, and to invest 30 percent of ‘Restart NSW’ funds in regional infrastructure.
“Throughout the state election campaign we called on the government to invest in skills and training, deliver regional infrastructure and make energy costs more affordable – and now we have asked to see these priorities reflected in the state budget on 18 June,” said Adam Zarth, Executive Director of the Illawarra Business Chamber.
“Illawarra businesses have been putting major investment and hiring decisions on hold during a period of significant uncertainty as a hard-fought state election was immediately followed by a tough federal campaign,” said Mr Zarth.
“With elections out of the way, the state budget on 18 June is an important opportunity for the NSW Government to build business confidence by providing clarity on how it will reduce costs for businesses and invest in jobs, skills and infrastructure.”
“During the election campaign, we strongly backed the government’s commitment to lifting the payroll tax threshold to $1 million over four years, which will allow an average business to employ an additional two staff.”
“Given the significant burden of payroll tax in areas like the Illawarra, we are now calling on the government to fast-track these reforms in the budget and apply them in all areas outside of metropolitan Sydney from 1 July 2019.”
“With 30 percent of infrastructure funding intended for regional areas, the State Government needs to look at funding key road and rail projects that would support the Illawarra economy and overcome the definitional issue that has so far held us back.”
“We are also proposing the establishment of a NSW Infrastructure Coordination Authority to advise on delivery, contracting and performance.”
Please find a link to the NSW Business Chamber’s pre-budget submission at: