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We need a plan for growth

With the state budget still months away, earnest discussions are occurring now to influence what will be handed down.


There is no denying the state is in a tough spot. Debt is high, and tax on business is high. We cannot tax our way out of this debt position. We must allow business to grow.

This budget should be about transformation. A budget that recognises that bold action is needed to motivate, innovate, and stimulate our economy.

To foster a growth environment, we advocate for measures that provide relief, alleviating regulatory constraints and tax obligations.

Business cannot accept any new taxes or increases to existing ones. We are at our limit. It is time for lowering, which is why we are calling for payroll tax changes as a starting point.

We urgently need a comprehensive energy road map that details the transition to renewables and provides energy certainty to the business community. Recently signalled, it's the biggest issue confronting the state. We need more than just "targets". We need a plan.

We believe in an opportunity to take our innovation capability to another level and drive demand into the ASX, via an entity we have described as "Commercialise Vic". We can be the innovation gateway to AsiaPacific and the globe.

Some 30 years ago, we led the world in developments of Public Private Partnership (PPP) models. Circumstances have evolved. So too must PPPs and we need the next generation of PPPs to leverage capital and capability available in the private sector to address the demands on existing infrastructure.

Tourism and business events need incentives and support too so they can bring more people to the state, in the way major events do.

Exports deserve a strong push.

"Made in Victoria" already indicates a business that has met the highest standards of anywhere in the world. Success means leveraging the state's network of global commissioners to take our products internationally.

Our ability to succeed relies on the whole state, and our regions deserve to be prioritised.

Accelerated investment in regional Victoria is required to ensure equity across the state, starting with high-speed rail to better connect the regions.

With a new Premier at the helm, it's time to recalibrate the vision for Victoria.

Growth is the key and business must be at the heart of that.

This article was originally published in the Herald Sun on Thursday 22 February 2024.

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