The Australian Industry Group (Ai Group) has welcomed today's New South Wales State Budget as a "steady as she goes" approach that will help build confidence in the State's economy.
Helen Waldron, NSW Head of Ai Group, said the budget provides targeted support for industry – especially construction – while avoiding the imposition of new costs on businesses.
"The construction industry is a huge beneficiary from the budget, whether in the building of homes, development of skills in housing or in the additional general, health and school infrastructure spending. That's where the big spending will be made," Ms Waldron said.
"The Government has also acknowledged the importance of supporting other industry sectors to foster innovation and create new opportunities.
"The $80 million funding initiative to encourage innovation is a valuable starting point for many companies, and when combined with the Investment Delivery Authority, it signals a level of encouragement to industry which will help in developing the economy," Ms Waldron said.
Ms Waldron praised the Government's decision to maintain cost stability for businesses.
"Confidence and certainty are important to businesses as they decide how and where to invest their money. We want them to look to NSW first.
"Ahead of the budget, we urged the Government not to increase the financial burden on industry. It's encouraging to see that message reflected in today's announcements. By holding the line on taxes and charges, the Government is helping to create an environment where businesses can invest, innovate, and grow."
Ms Waldron said Ai Group sees the budget as a positive step toward supporting long-term economic resilience in New South Wales.
