State Budget submission 2021-22: Victoria to ‘reset and recalibrate’
2020 was a year that severely disrupted and dislocated the business landscape in both metropolitan and regional Victoria. The Victorian Government’s 2020-21 State Budget mapped a path for businesses to recover, and, thanks to the resilience of local businesses, we have done so with greater success than most developed nations. Victoria is leading on the global stage, and we want to capitalise on that.
Our Budget Submission features more than 60 recommendations for the Victorian Government to consider – all of which fall into three key themes:
- enabling business
- growing business
- making it easier to do 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 improve management capabilities
- Establish an Industry COVID-19 Recovery Fund, providing grants to assist businesses transform their operations to become more competitive
- 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
- Fund the development of a dedicated nature-based tourism strategy to better leverage and invest in Victoria’s world-class, natural assets
- Melbourne Convention Bureau and Business Events Fund to stimulate growth in one of our hardest-hit sectors
- Create a space and aerospace hub/cluster
- 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
- Switch stamp duty for land tax for all property purchases.
In preparation of our Budget Submission, we have sought feedback from our members – 72 per cent of whom would like greater access to renewable energy sources, as both a means of lowering business costs over time. This is why the Victorian Chamber is also calling for the government to establish a fund to provide investment into alternative energy sources, such as hydrogen and battery storage.
Speaking of the Victorian Chamber’s 2021-22 Budget Submission, Chief Executive Paul Guerra said “we are asking for a ‘back to basics’, a ‘consolidation’ 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.
“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 and entrepreneurs.”
Advocacy and support
For more information on the Victorian Chamber’s advocacy work, visit the Policy and Advocacy section of our website.
If you have any questions or would like to be involved in our advocacy work, please contact email@example.com.
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