The Victorian Chamber worked closely with the State Government to secure substantial funding for COVID-19 business recovery in the 2020-2021 Budget including record infrastructure allocations to create jobs and stimulate a depleted economy. Our submission for the 2021-22 State Budget centres around three pillars of enabling business, growing business and the ease of doing business.

Some of our key specific recommendations include:

• Victorian business adaptation fund in a post-COVID environment. Provide businesses with grants of up to $10,000 to continue to improve management capabilities in a scheme that the Victorian Chamber could help administer ($80million over four years);
• Establish an Industry COVID-19 Recovery Fund, providing grants to assist businesses to continue to transform their operations to become more competitive in the post-COVID-19 environment ($80million over four years);
• Provide funding to create a taskforce to help international students reengage with the Victorian higher education sector remotely and through financially assisting in their return to Victoria ($100million over two years);
• Fund the development of a dedicated nature-based tourism strategy to better leverage and invest in Victoria’s world-class, natural assets ($20million over four years);
• The continuation of Global Victoria’s Export Recovery Package to support Victorian exporters in both diversifying and identifying new markets ($64million over four years);
• Establish a defence manufacturing support fund to leverage the federal $450 billion 10-year commitment ($200million over four years);
• Create a space and aerospace hub/cluster ($40million over four years);
• Create the Victoria Commercialisation Fund with government assuming an equity share ($1billion over two years);
• Establish a fund to provide investment into alternative energy sources, such as hydrogen and battery storage ($150million over four years);
• Increase the payroll tax threshold to $1million and reduce the payroll tax rate to four per cent for metropolitan Victorian employers, and one per cent for regional Victorian employers and
• Switch stamp duty for land tax for all property purchases;
• Extend the Better Approvals Project and develop a framework for regulators that will decrease the backlog of regulation, with a particular focus on Consumer Affairs Victoria, Local Government and WorkSafe ($60million over four years).

The Victorian Chamber was pleased to see the recent announcement by Melbourne Convention Bureau of a new funding initiative to encourage interstate organisations to hold their events in Melbourne. This aligns with the Chamber’s recommendation of a Melbourne Convention Bureau and Business Events Fund to stimulate growth in one of our hardest-hit sectors ($68million over four years).

To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:

“The Victorian Chamber of Commerce and Industry is our state’s largest and most diverse business representative group and has a vital role to advocate for what our members and clients need to not only survive, but to thrive next financial year and beyond.

“We are asking for a budget that delivers the conditions that business needs to get the cogs turning on our economic engine room once again. We’ve had the ambitious infrastructure agenda and now it’s time to empower business to do what they do best.

“It’s why the pillars of this year’s Budget Submission are to enable business, grow business and opportunity and ease restrictions and red tape.

“In 2021-2022 we need to reset, recalibrate and evolve. The Victorian Chamber is advocating for a State Budget that focuses on reactivating and turbo charging business so it can help drive the economic recovery, while also helping the economy become more agile. It is an opportunity to map out a prosperous future, built on the strength of Victoria’s world class research institutions, skilled workers, business owners and leaders and entrepreneurs.”

Click here to read our full submission for the 2021-22 State Budget

Media contact: Ellana Katos | Ph: 0400 976 889 | Email: media@victorianchamber.com.au