“The budget delivered tonight proves that the economy is growing off the back of strong business! To support future economic growth, and the projected $100 billion which Business will contribute to government and improved living standards, we need measures which continue to provide regional businesses confidence to grow and prosper” said NSW Regional Manager, Joe Townsend.

“It is pleasing to see that the Coalition Government is committed to its broader enterprise tax plan to boost local job creation and business investment by reducing corporate tax to 25%. The 20,000 business which NSW Business Chamber represents, implores the Upper House to pass it in their current form” Joe Townsend said.

When it comes to infrastructure investment, it seems that NSW is a victim of its own prudent economic management and discipline, with the vast majority of funded projects falling outside our State borders, with no specific projects identified for the New England North West Region.

The inactivity of other State Governments over recent years seems to have been rewarded by the Federal Government, keen to ensure road and rail projects are commenced across the nation. It’s the case that the other States now have to play catch up to reach NSW.

“The New England North West looks forward to seeing our NSW Government continue to invest in Regional NSW when they release their budget on the 19th June 2018.” said Joe Townsend.

The Personal Income Tax Plan concentrates relief for low and middle income earners by implementing a new tax offset worth up to $530 (the offset will operate in addition to the current low income tax offset). 

Measures that put a few extra dollars into the pockets of hard working Australians is welcomed, as we know that money will flow through the economy.

“Small businesses will also welcome the continuation of the $20,000 instant asset write off for a further 12 months, to help support growth and investment by the small business sector.

“Government red tape continues to be a concern for small and medium business. Pleasingly, the Government has moved to make GST reporting much simpler for those who complete their BAS paperwork, streamlining the reporting system and drastically cutting the nature and type of information that has to be repeatedly submitted.” Said Joe Townsend.

“Small business owners doing the right thing are continually frustrated and disenchanted by those operating within the ‘black economy’ and a number of measures, including stopping businesses tendering for government contracts if they fail to meet tax obligations, and the introduction of an economy wide cash payment limit of $10,000, will level the playing field.

It was good to see additional funding for our farming business for improving GPS accuracy and $400 million towards better understanding the labour market, the skills and labour gaps that farm business face.

“It is disappointing to see that funding for rounds 4, 5 and 6 of the Mobile Black Spot Program has not been identified in the budget. The NSW Business Chamber will join with NSW Farmers Association to request a review and provide equality to regional NSW business community and our employees” said Joe Townsend.

“The Budget provides incentives for older Australians to stay in the workforce. Individuals can earn up to $300 a fortnight without having their pensions impacted, and self -employed older Australians can earn up to $7,800 per year without pension implications.

“Living within our nation’s financial means is a key theme of this Budget, and the potential to return to surplus is a major positive, however more must be done to support business growth and skills development as these are key to economic growth and prosperity for all Australians,”  said Joe Townsend.