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Victorian Budget provides a much needed boost to business confidence

The Victorian Chamber of Commerce and Industry today welcomes key measures outlined in the 2017/18 State Budget, with business confidence set to increase from pro-business policies.

The Victorian Chamber welcomes the decision to bring forward the increase in payroll tax threshold by a year and a 25 per cent reduction in payroll tax for regional businesses.

Victorian Chamber of Commerce and Industry Acting Chief Executive Bryce Prosser said this announcement from the Victorian Government, along with key commitments to transport and social issues would boost the confidence of businesses to invest and grow.

“We are pleased to see a long-standing priority of ours recognised with the $100 million commitment to the North East Link and the $90 million toward an expanded Investment Attraction and Assistance Program,” he said, “Victoria’s reputation as a great place to live and work can only continue if we invest in it. This Budget has a focus on mobility through roads and regional rail funding, liveability by way of social policies in policing and family violence prevention and in pro-business policies that will promote growth and create jobs.”

Other key announcements in the budget applauded by the Victorian Chamber include:

  • $44.4 million to maintain Victoria’s agricultural biosecurity over the next two years, protecting access to international markets and supporting regional jobs
  • Additional $25 million for Visit Victoria marketing activities over two years
  • $700 million to provide the final three sections of the M80 Ring Road upgrade, in addition to the $300 million provided in last year’s budget.
  • Almost $2 billion to upgrade regional roads, including $300 million to fund the Mordialloc Bypass, connecting the Mornington Peninsula Freeway with the Dingley Bypass.

Mr Prosser said congestion is a major issue for a growing city like Melbourne, so projects such as the North East Link and investments in regional rail are vital for our state’s future.

“The infrastructure investments in the North East Link, a potential rail link to the airport and regional rail network are long-term projects that will benefit all Victorians through reduced congestion and increased connectivity,” he said.

“Victorian businesses must be able to compete against interstate and global competitors, and we will continue to advocate for policies that create jobs and promote growth.”

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