Federal Budget ticks a lot of boxes for Victorian business

The Victorian Chamber welcomes the 2022-23 Federal Budget which will help support Victoria’s economic recovery.

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The following highlights in the Federal Budget align with the Victorian Chamber’s key advocacy pillars of building back business, building for our future and easing the cost of doing business.  

These include:  

  • $365.3 million to extend the Boosting Apprenticeships Commencements program.
  • $52.8 million over five years from 2021- 22 for a new pre-employment ‘ReBoot’ program.
  • $1.2 billion to expand the Transition to Work employment service
  • $1.2 billion committed to a freight terminal at Beveridge and $740 million toward a freight terminal at Truganina.
  • $9.5 billion for rail infrastructure including the Melbourne Airport Rail Link and an inland rail link between Melbourne and Brisbane.
  • $45 million for Tourism Australia to fast-track the return of international tourists to regional tourist destinations.
  • $247.1 million over five years to support private sector investment in low emissions technologies including hydrogen.
  • Measures to reduce the regulatory burden and boost the cash flow for more than 2.3 million small and medium businesses and sole traders.
  • A $2 billion ‘accelerator program’ to fast track the economies of Shepparton, Mildura, Warrnambool and the Latrobe Valley.
  • Tax breaks for small and medium businesses investing in new technology, employee training and skills development.

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

“The Federal Budget ticked many of the boxes in the Victorian Chamber’s submission including funding for freight infrastructure, tourism, hydrogen technologies and regional economies as well as tax cuts and reduced regulatory burdens for small and medium businesses.

 “We know, from speaking and listening to our 50,000 strong network of businesses across Victoria, that these are the areas that will help turbocharge our local recovery from the pandemic and set us up for success.

 “We welcome further funding for apprenticeships and traineeships; however, clarity is required on the subsidy for employers, and it’s also unclear how businesses and the State can participate in the National Skills Agreement.

 “While we are pleased to see investment into collaboration between universities, CSIRO and industry for commercialisation, we really needed support for the return of international students to Victoria.”

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