Business applauds Budget measures

The odds have started for the byelection

Business NSW Central Coast has praised the Budget, which it says is focused on supporting businesses to hire new staff, and putting money back into the pockets of business owners, to turbo charge the economy as it recovers from the ravages of COVID -19.

“This Budget will be warmly supported by the Central Coast business community as we look forward to a more optimistic operating environment in coming months,” Regional Director, Paula Martin, said.

“The focus on job creation and investment is the right one for these times.”

Martin said the budget was about supporting existing employment and creating incentives for business owners to take on additional staff and get young people off welfare.

“Individual personal cuts are always a welcome measure as it means more money in the pockets of working Australians,” she said.

“Temporary full expensing – allowing any business with turnover up to $5B to deduct the full cost of eligible depreciable assets – will provide a massive boost, delivering $26.7B in business tax relief.

“More importantly it will incentivise investment, bringing forward economic activity to support our recovery.

“The signature piece of the job creation strategy is the JobMaker Hiring Credit which will be available to employers for each new job they create over the next 12 months where they hire an eligible young person.

“In addition, the Boosting Apprenticeships Wage Subsidy will support up to 100,000 new apprentices and trainees.

“This will pay a 50 per cent wage subsidy, up to a cap of $7,000 per quarter, for commencing apprentices and trainees at businesses of all sizes, in all industries and locations.

“The Government will also allow companies with turnover of up to $5B to offset losses against previous profits on which tax has been paid to generate a refund.

“Loss carry-back will be available to around one million companies that employ up to 8.8 million workers, putting more money back into the pockets of business owners.

“Around 20,000 small to medium businesses will be able to access up to 10 small business tax concessions for the first time, providing tax relief and reducing red tape so they can concentrate on running their business.

“More than $250M will be invested through a Regional Tourism Recovery Package to provide jobs and support for regional economies.

“It is also particularly pleasing to see a renewed focus on the manufacturing sector, with the Government establishing a $1.3B fund to enable co-investment with Australia’s world leading manufacturers.

“This will help these businesses achieve scale, commercialise their world-leading research and connect to international markets.

“The cost of energy also remains a key barrier for business expansion and the Government will unlock vast gas reserves to support the manufacturing sector and ensure affordable and reliable gas.

“These reforms will also create an Australian Gas Hub with more competitive and transparent prices, deliver an efficient pipeline and transportation market and empower gas customers with greater choice.

“In the most of extreme of circumstances, Business NSW is pleased to see that the Government has focused on a business led recovery.”

Media release, Oct 7
Business NSW Central Coast