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What does the Budget mean for small business?

How will this budget impact small business around Australia?
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What does the Budget mean for small business?

What does the Budget mean for small business?

12 May 2017

“The country can’t afford more paralysis while the Senate plays its normal horse trading games,” said NSW Business Chamber Chief Executive Stephen Cartwright.

“Primarily this Budget is about raising revenue through an increase in taxes and not tackling expenditure which probably reflects the political realities of the day where the cross bench senators hold the Government to ransom,” Mr Cartwright said.

“With a Budget deficit announced this evening of $29.4 billion, we are at the point where reducing that deficit as quickly as possble must be at the forefront of thinking for all of our political representatives. 

“Prior to the 2013 Federal Election, Chambers of Commerce across Australia picked up on sentiments expressed daily by small business owners and their employees that their voice was not being heard by the decision makers in Canberra.

“We launched the Small Business Too Big To Ignore campaign which ensured those hard working Australians wouldn’t be taken for granted.
“The extension, by a further 12 months, of the program that allows businesses with a turnover of up to $10 million to immediately write off expenditure up to $20,000 is evidence that yet again, the small business voice is being listened to.

“Small business owners readily identify red tape complicance as a significant impediment to their ongoing operations, so the creation of a National Partnership Agreement with the States and Local Governments who will receive financial incentives for the next two years by removing red tape will be applauded by the business community.

“Not only has the Government committed to the construction of the new Western Sydney Airport at Badgery’s Creek, it has formally announced the creation of a designated authority to oversee aspects of the airport’s construction, as well as a new Western Sydney City deal to bring together state local and federal government to incentivise jobs, connecting infrastructure and zoning reform in the surrounding area.

“We know what job creators airports are around the world, and there is a lot to be excited about for the people of NSW, and particularly Western Sydney with construction to commence in the latter half of 2018.

“Game changing infrastructure projects such as the Western Sydney Airport bring opportunities for businesses of all sizes to capitalise on the certainty created by the Government announcing they would build and manage the project.

“Of course the key element when it comes to infrastructure projects is having a workforce with the necessary skills to build what is required.

“Our quarterly Business Conditions Surveys of NSW Business Chamber members indicate that the shortage of skills is a signifcant factor for businesses, particularly in regional areas.

“To increase the pool of available candidates, we welcome the Government’s decision to penalise unemployed workers who refuse to take on suitable work when its available. 

“While the 457 visa has been abolished, there is still an opportunity for businesses to bring in specialised skilled workers on a temporary visa to address critical shortages. Those business owners who take up this opportunity will however pay a levy that will go into a new Skilling Australians Fund. 

“The Government’s emphasis on fostering the skills of our local workforce is positive and the new Skilling Australians Fund to lift engagement in apprenticeships and traineeships is a welcome development.

“It is concerning, however, that the cost of this will be borne by employers who are already struggling with skills shortages, rather than sensible cost savings elsewhere in the Budget.

“Regional NSW will also benefit from the Turnbull Government’s commitment to Inland Rail.

“Not only will this enable fast and reliable freight movements, it will take thousands of trucks off the roads and make the journeys between our regional cities safer.

“In addition the Government continues to make significant roads investment, with a further $710 million being set aside in this Budget for the much needed Pacific Highway upgrade. 

“The Government has set down a course this evening to return the Budget to surplus by 2020/21, and we all have a vested interest in ensuring this happens,” Mr Cartwright said.

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