NAIDOC Week provides us with an opportunity to strengthen our engagement with the First Nations community, including businesses and entrepreneurs, acknowledging the vital contributions they make to our economy. By embracing diversity and supporting Indigenous-led initiatives, we can foster innovation, create new economic opportunities, and build a more inclusive and prosperous Victoria. 

As we celebrate this significant event, it is crucial to also address the challenges that lie ahead. We have been closely monitoring the RBA’s decisions that impact our members and the broader business community. The Victorian Chamber of Commerce and Industry remains committed to advocating for a balanced and sustainable business environment, where the burden of any increased rates is proportionate and reasonable. Tuesday’s news that the RBA is leaving the cash rate at 4.1 per cent for another month will provide some relief to mortgage holders, however it comes with the cost of slow retail spending and consumer confidence being at its second-lowest level in three decades.  

Our General Manager of Policy and Advocacy, Dylan Broomfield, and Principal Policy Advisor, Sonja Rose, appeared before the House of Representatives Standing Committee on Economics Inquiry on Tuesday discussing their submission into promoting economic dynamism, competition and business formation.  The submission focused on regulatory reform and has been informed through our ongoing member consultations.  

With the end of the school holidays fast approaching, this is an opportune time for businesses to engage with the influx of local and interstate visitors, tapping into the potential of increased consumer spending. We encourage our members to showcase their products and services, demonstrating the resilience and innovation that defines the Victorian business landscape. 

However, we are mindful of the challenges posed by ongoing economic instability and the uncertain path ahead. As we navigate through this ever-changing landscape, be reassured that we are ready to provide support and resources to help businesses adapt and thrive. 

Finally, on behalf of the Chamber, I would like to extend my congratulations to Alison Leighton on her appointment as the Chief Executive Officer of the City of Melbourne. We look forward to continuing our close collaboration with the CoM with her at its helm, strengthening the business community, encouraging innovation, and driving economic growth in Melbourne. 

Have a wonderful weekend everyone!