State Budget sweeteners for local business

NSW Treasurer Dominic Perotiet

Business NSW Central Coast says the State Budget, released on November 17, will allow businesses on the Central Coast and throughout the state to create jobs and prosperity and steer the state out of the economic crisis brought on by the COVID-19 pandemic.

“Treasurer Dominic Perrottet has announced a budget deficit of $6.9B for the past financial year, with a projected deficit of $16B for 2020-21,” Regional Director Paula martin said.

“Those figures are a stark reminder of the economic crisis we are facing.

“However, the economic blueprint delivered in the Budget supports the ongoing need to create jobs, drive investment and build infrastructure.

“Business NSW has long advocated for serious reform when it comes to the largest deterrent to job creation in NSW – Payroll Tax – and the Government has made serious headway in making it easier to give someone a job.

“NSW is leading the way with $2.4B worth of cuts to payroll tax and incentives for businesses that make significant investments in NSW.

“Not only has the Payroll Tax threshold been extended from $1M to $1.2M, but the rate at which companies pay this tax will decrease to 4.85 per cent from 5.45 per cent for the next two years.

“This will provide a huge incentive for employers right across NSW to take on additional staff immediately.

“Business NSW will be urging business owners to take advantage of this new operating environment.

“Pleasingly, small businesses who don’t currently pay Payroll Tax haven’t been forgotten.

“They will be provided with a $1,500 digital voucher to offset Government fees and charges which will give them more money to invest in their own business.

“Those looking to create new businesses or grow existing operations will also benefit from the Government’s near $40M extension of the Business Connect support program.

“Small businesses are often left frustrated by the time and effort they put into bidding for Government tenders, only to be completely shut out.

“The $5M provided for a tender support program will provide businesses with practical assistance to help prepare and submit tender documents.”

Martin said the Treasurer had taken a global view of the economic crisis and used the opportunity to re-position NSW on the world stage by creating six new hub locations to encourage investment and trade opportunities in key international cities.

“NSW already has a great reputation for producing high end products and this will make it much easier for NSW businesses of all sizes, and from all locations, to break into key established overseas markets,” she said.

“Regional NSW has been supported through a $1.8B commitment to major infrastructure projects that will create new jobs, as well as transport and road projects that will make the movement of people for work and leisure quicker and safer.

“Support for existing business owners in regional NSW has been provided, with $100M set aside to establish a Regional Job Creation Hub to attract interstate and overseas businesses to set up operations in a regional city or town.

“One of the great frustrations of regional businesses has been the inability to attract appropriately skilled workers to their area of operations.

“Many will be pleased to see eligible workers can continue to receive a grant of up to $10,000 to assist with costs of moving from a metropolitan area.

“We’ve all seen the way the pandemic has impacted different industries in different ways, in particular hospitality and tourism; the Out and About program, where people over the age of 18 will receive four $25 vouchers to spend at COVID Safe venues, will help re-vitalise the hospitality sector, maintain and grow employment and bring greater vibrancy to key venue precincts.

“NSW has long been the engine room of the national economy, contributing one third of the nation’s GDP.

“By getting the NSW economy firing again, so too can the national economy reset.

“This Budget provides a clear vision and pathway to do just that, and the business community will be supportive of measures to drive down costs, create employment and build for the future.”

Media release, Nov 17
Business NSW Central Coast