Federal ‘Bounce Back’ Budget to get women and young people into work and grow Australia’s economy

Victorian Chamber of Commerce and Industry

The Victorian Chamber welcomes the Federal Government’s ‘Bounce Back’ Budget which will boost the digital economy, skills and jobs, and make the workplace more appealing for women, to assist our recovery from the COVID-19 pandemic.

The following highlights in the Federal Budget 2021-22 align with the Victorian Chamber’s advocacy pillars of enabling business, growing business and making it easier to do business:

  • Funding more than 170,000 new apprenticeships and traineeships, 5000 higher education short courses and 2700 places in Indigenous girls academies
  • 5000 STEM scholarships and programs to help women break into non‑traditional trades
  • Doubling the previous commitment to the JobTrainer Fund to support a further 163,000 new training places to upskill job seekers and meet skills shortages
  • Removing the 40-hour per fortnight work caps for student visa holders employed in the tourism and hospitality sector
  • Expanding the COVID-19 Pandemic Event Visa for 12 months for people working in the tourism and hospitality sector
  • Expanding the Small Business Loan Scheme
  • $1.2 billion for the Digital Economy Strategy as well as a new Patent Box scheme
  • $1.1 billion for clean energy and emission reduction initiatives
  • $3 billion for Victoria’s road and rail network including an intermodal terminal, Monash Freeway works and multi-deck commuter car parks at railway stations
  • $250 million for the Building Better Regions Fund
  • Tax breaks for breweries and distilleries
  • $600 million for disaster mitigation and preparation managed by a new National Recovery and Resilience Agency
  • $1.7 billion for increased childcare subsidies, which focuses on low and middle income families with more than one child
  • Extending temporary full expensing and temporary loss carry-back for an additional year
  • Record commitments on essential services, disability support, mental health, aged care and women’s safety.

To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:

“This is a ‘Bounce Back’ Budget that recognises the importance that women and young people will play in our economy’s rebound from COVID-19 as well as celebrating the role of business as the engine room of our economy and the heart of our community.

“The boost for apprenticeships is something that we see a growing demand and need for in Victoria and are pleased to see this investment in our workforce of the future. It’s not just about jobs, it’s also about skills.

“The Federal Budget recognises that our tourism, hospitality and events sectors have disproportionately suffered and includes practical and workable measures to address some of the unique challenges businesses in these industries continue to face.

“COVID-19 accelerated many businesses’ adoption of technology and digitisation and it’s great that the Federal Government will provide programs and incentives to enable businesses to take advantage of all that innovation and artificial technology has to offer.

“Victoria is the med-tech and biotech capital of Australia and the tax cuts on intellectual property, as part of the Patent Box scheme, will help ensure we continue to excel as world leaders in this space.

“The Victorian Chamber welcomes the extension of temporary full expensing and temporary loss carry-back for an additional year, which is something we called for to encourage and support businesses to invest in equipment, infrastructure and tools.

“The Victorian Chamber is passionate about making Victoria the best place in Australia to live, work, learn and operate a business and the Federal Budget will help guide us on that path.”

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