Business NSW Central Coast has hailed the Federal Budget, delivered on May 11, for supporting “a business led economic recovery from the depths of the COVID pandemic”.
Regional Director, Paula Martin, said the Treasurer had announced the deficit will reach $161B for the current year, falling to $57B in 2024-25 with the unemployment rate expected to fall to 5 per cent in mid-2022 before falling further to 4.75 per cent in mid-2023.
“This is a Budget for the extraordinary times we are living in – recognising the recent difficulties, but full of optimism that the next few years will be more prosperous through job creation and infrastructure spending,” Martin said.
“This budget has a strong focus on stimulating business growth and job creation which is welcomed on the Central Coast as we continue to experience high levels of skills shortages across industry, high youth unemployment and a 40 per cent higher than preCOVID level rate of jobseekers.
“It is pleasing to see meaningful measures that have been embraced by business owners extended, including the instant asset write off scheme, allowing business owners to purchase much needed equipment to grow, while the small business loan scheme has also been extended.
“These are important measures that have a big impact and make it easier for small business owners to keep their doors open each day
“Helping people get jobs is the focus of this budget.
“The Apprenticeship Wage Subsidy has been extended and now open to business of all sizes.
“Job Trainer is increasing skills in Aged Care, a rising area of need on the Central Coast and funding to support women into vocational trades is long overdue.
“Tax cuts for low and middle income workers will also put more money in the pockets of workers, allowing them to support their local businesses.
“There’s no doubt the closing of the international borders has had an incredible impact on the tourism and hospitality sectors, especially in NSW which is the nation’s gateway.
“Almost $275M has been set aside in this Budget towards the expansion and extension of successful programs to support Australian businesses such as travel agents, zoos and aquariums and events providers that rely on international tourists – that will give many operators in that sector the confidence they need to continue operations while uncertainty over international tourism remains.
Martin said the past 12 months had highlighted the importance of businesses, particularly small business, to be able to respond to the ever-changing conditions.
“There is a clear commitment from the Government in this Budget to continue to drive the deregulation agenda by cutting red tape and making it easier to employ people, however the proof will be in the user experience of business owners across the country in the years ahead.
Media release, May 11
Business NSW Central Coast