In our submission, the Victorian Chamber argues we need action now due to business investment being at historic lows, tax on business among the highest in the world, and a heavy burden of regulation on business. Additionally, the Australian economy is vulnerable to disruption due to being highly carbon intensive.

Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra said the way to strengthen our economy is through prioritising business growth.

“This is a call to action. A budget submission that looks to put business at the heart of the economy,” Mr Guerra said.

“In this country, with enviable resources and liveability, we have a business community keen to explore and succeed. Reform of the tax and regulation system headlines the Victorian Chamber’s solutions-based Federal Budget Submission.

“To stimulate our economy, we need a national approach to innovation, infrastructure and investment.

“Energy reliability is key to economic growth. The Chamber is advocating for a national approach to an affordable and reliable road to net zero. No energy resource should be left off the table and a coordinated eastern seaboard approach will provide the certainty and reliability that business is after.”

Recommendations

The Victorian Chamber makes 20 recommendations across seven key pillars, informed by Roundtable discussions, member surveys and focus groups, and including:

• Energy: Release the Future Gas Strategy to ensure energy security for the eastern states and prevent Victoria from running out of gas.
• Global Industries and Technology: Support Australia’s competitive advantage in critical minerals which is vital in the transition to renewables; Allocate funding for programs such as the Technology Investment Boost and Skills Training Boost to help small businesses improve their digital capability and upskill their workforce.
• Tax Reform: Urgent tax reform to alleviate the burden on business and make the tax system more equitable.
• Infrastructure: Establish strategic priorities for forward investment over the next ten years in Victoria on road, rail and major projects.
• Regulation: Unleash the capacity of business to innovate and invest by replicating a national competition policy approach to the removal of regulatory barriers on business.
• Regional Victoria: Allocate funds for the development of a national regional policy that includes a focus on Victoria given our competitive advantage in a range of sectors.
• Education and Training: Tackle the chronic skills shortage with a flexible and responsive education system, which includes business in the development of the curriculum and produces job-ready employees.

Victorian Chamber advocacy

As Victoria’s peak business and industry body, the Chamber represents the collective voice of more than 85,000 members and clients, advocating for better conditions so that every business – small, medium or large – can start up, grow and thrive in our State.

Victorian Chamber of Commerce and Industry Executive Director Policy & Advocacy Amelia Bitsis said: “This budget should chart our course to become that global leader, that frontier nation. To do that we need business working alongside Government, and that means clearing the way for business to drive our growth agenda.

“Our budget submission is looking at stimulating our national economic ambition, to match the ambition of business.

“A co-ordinated approach that allows business to thrive will enable the Australian economy to grow. Let’s address the areas that are holding business back and turbo charge the support for growth.”

Read all the recommendations via our 2024-25 Federal Budget Submission.

For further information on the Victorian Chamber’s policy work, and to be involved in future submissions and enquiries, please contact us at policy@victorianchamber.com.au.