From the Chief Executive - 11 May 2018
The day after handing down the 2018/19 State Budget, the Treasurer outlined key features and impacts on business competitiveness, jobs and investment, to over 350 members of the business community.
The Budget was well received by the Victorian Chamber due to its many pro-business initiatives, which will provide a boost to Victoria’s 590,000 businesses and create new employment, investment and trade opportunities.
We welcomed major investments in infrastructure, with an average annual spend of $10.1 billion per year over the next four years. We were pleased to see our long-standing priorities reflected in the budget, including $110 million to fast track the completion of design and planning for the North East Link, and $50 million for detailed planning of a fast train to Geelong integrated with an Airport Rail Link.
We also welcomed an extensive skills package, including stronger secondary school pathways to apprenticeships and traineeships and better career advice to ensure more skilled workers are job ready.
The Victorian Chamber was pleased to see regional tax relief, with a new lower payroll tax rate of 2.425%, making regional Victoria a destination for investment with the lowest payroll tax rate in the nation. However, we will continue to call on all parties to provide wider payroll tax relief by increasing the payroll tax threshold to $850,000 in the lead up to the election. Read more on the State Budget and what it means for Victorian business.
It was good to see Tuesday evening’s Federal Budget build on the strong outcomes for Victorian business delivered in last week’s State Budget, and its significant investment in Victorian infrastructure.
We were pleased to see the $7.8 billion commitment to Victorian road and rail infrastructure and key announcements such as $5 billion for a Melbourne Airport rail link, $1.75 billion for the North East Link, $475 million for a rail connection to the Monash employment precinct and the reaffirmed commitment of $3 billion towards the East West Link, all of which have been long-standing priorities of the Victorian Chamber.
In other news, The Victorian Chamber is excited to present the first event in the ignite series on Wednesday 16 May, our new initiative that will position Victorian business and research as world leaders in innovation, creativity and technology development.
At ignite+RMIT, you will hear from three leading experts as they highlight their exciting breakthroughs in nanotechnology and how these can benefit businesses and the wider community. We hope to see you there!
Mark Stone AM
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