The NSW State Budget, handed down on June 18, offers modest and targeted assistance to small and medium businesses on the Central Coast as the Government focuses on housing and fiscal repair, says Business NSW.
Business NSW Central Coast Regional Director Scott Goold said the region’s businesses and residents “work hard to contribute to the NSW economy and should feel ripped off by the Commonwealth Grants Commission’s decision to send billions of our tax dollars to other states – forcing our state to tighten its belt”.
He welcomed the continuation of the $325 energy rebate for small businesses and the focus on housing delivery.
“Energy costs continue to rank among the top three expense concerns for Central Coast businesses so any relief in this area is welcome” he said.
“However, the decision to freeze land tax indexation will mean even more commercial landholders will be captured in this wider tax net, passing on costs to businesses.
“Freezing land tax indexation is effectively a $1.5B tax increase on businesses and landlords over the four years to 2027/28.
“Housing has been Premier Chris Minns’ signature policy since coming to office 453 days ago, and there is no doubt his government has made a lot of progress.”
Goold said the Transport Orientated Development Program ($520M), funding to speed-up the planning system ($270M) and providing essential worker housing ($655M) would be genuine gamechangers when it came to getting workers housing closer to where they worked and played.
“Wyong, Tuggerah, Gosford and Woy Woy train stations have been designated as Transport Orientated Development areas and will directly benefit from the State Government focus to accelerate mixed density housing solutions,” he said.
“This is welcome news for the Central Coast businesses who identified housing supply as the top government investment priority in the latest Business Conditions Survey conducted by Business NSW.”
Goold welcomed infrastructure funding for the Wyong town centre upgrade, the Avoca Dr upgrade, planning and design for Gosford bypass and the Tumbi Rd and Central Coast Hwy intersection upgrade as well as continued funding for the $206.4M stage one Wyong Hospital redevelopment and cancer day unit expansion.
He also welcomed funding for new public preschools and upgrades to several schools in the region.
“While continued infrastructure funding is welcomed, it is essential that additional funding is secured for the roads, public transport and public amenity that will be necessary to support the targeted increase in housing on the Central Coast,” he said.
“Significant funding has been allocated to Western Sydney and parts of regional NSW.
“It is important the Coast is not overlooked.”
Goold said fee-free training for apprentices and trainees was set to continue with an allocation of $16.3M.
“Attracting and retaining skilled workers remains a key concern for businesses across the Central Coast so it is encouraging to see ongoing State Government support in addition to that announced in the recent Federal Budget,” he said.
“Overall, the NSW Government has resisted the temptation to ramp up spending, which would have a detrimental effect on inflation.”
Goold said the Central Coast would benefit from statewide measures including a further $5M (on top of the current $25M) for the NSW Business Bureau, which offers personalised business support and guidance and extension of the Energy Bill Relief Fund for the 2024/25 year.
He said the region would also benefit from: an additional $50M for the Regional Development Trust, bringing this pipeline of investment across regional communities to $400M; $3.3B for restoration works to repair local and state roads damaged in major flood events; casual teachers at TAFE NSW being converted into full-time staff; a raft of housing reforms; and a boost to nightlife and live events with more than $54M for The Office of the 24-Hour Commissioner and creative industries.