The negatives outweigh the positive initiatives for business in the Victorian State Budget 2023-24 released today, with medium and large businesses and multiple property owners facing increased costs to repay State debt.

Today’s State Budget of new and increased taxes and levies will hit medium to large businesses and property owners. It will directly impact jobs and investment in Victoria.

The Victorian Chamber of Commerce and Industry welcomes the Victorian Government announcement to replace stamp duty for commercial and industrial properties with an annual property tax.

WorkCover changes announced today will see premiums increase by more than 40 per cent, changes to mental health eligibility and the creation of a new pilot program for impacted workers.

Today’s State Government announcement of a 42 per cent increase in WorkCover premiums to 1.8 per cent makes our scheme the most expensive in the country and is yet another increase to the cost of doing business in Victoria.

The Victorian Chamber’s third Business Voice trend survey has revealed a drop in confidence concerning business’ revenue growth with almost one-third of businesses responding that they are less likely to recruit new staff, compared to one in four just six months ago.

Victorian businesses are bracing themselves for lower revenue growth and slowing staff recruitment in the coming months as the cost-of-living crisis hits, the latest Victorian Chamber of Commerce and Industry survey reveals.

Solar power is now more accessible for small and medium businesses through measures announced in the 2023/24 Federal Budget combined with Victorian incentives.

The Victorian Chamber welcomes the Federal Government’s 2023-2024 ‘Stronger foundations for a better future’ Budget which delivers a $4.2 billion surplus. The fundamentals of defence, skills and the transition to a net zero economy are clear winners in an otherwise modest budget with few surprises.

Improved careers services and advice is increasingly important in a labour market characterised by skills and labour shortages, skills mismatches and perceptions of vocational education and training (VET).

The Executive Council has called a special general meeting of members to consider and, if thought fit, approve the Victorian Chamber of Commerce and Industry's proposed change in entity type from a body corporate established under the Fair Work (Registered Organisations) Act 2009 (Cth) to a company limited by guarantee registered under the Corporations Act 2001 (Cth). The special general meeting will be held on 19 May 2023 at 9:30am at Level 3, 150 Collins Street, Melbourne VIC 3000 and online, using online platform Zoom.

The shift to a net-zero economy will require a collective effort but is a challenge Victoria can rise to with the right mindset and the right actions, enabling government and industry to work together to reach our emission targets and seize the economic opportunities for Victoria.

According to ZEN Energy CEO Anthony Garnaut, while Victoria is not the sunniest place in Australia, “it's a lot sunnier than Germany”, meaning the cost of solar even in Melbourne is a lot cheaper than building a solar farm in the sunniest part of Germany. 

Gone are five-day office weeks in Melbourne but overall average days have trended upwards, according to the latest office occupancy survey by the Victorian Chamber of Commerce and Industry.

For the Melbourne Convention and Exhibition Centre (MCEC), sustainability is no longer a ‘nice to have’. It’s an expectation from clients, partners and attendees. That’s why it has embarked on its own journey towards net-zero.

The Victorian Chamber is seeking responses to our Business Voice Survey about insurance cost and business composition.