The Victorian Chamber of Commerce and Industry welcomes initiatives in the 2024-25 Federal Budget to stimulate business growth, but there are missed opportunities in the areas of tax reform, fiscal strategy to address future debt and a plan for Regional Australia. We are pleased that the Federal Budget committed to 17 of our 19 recommendations, either fully or partially. The highlights for Victorian business include:
-
$290m to extend the instant asset write-off for another year
-
The $22.7bn Future Made in Australia Package to facilitate private sector investment
-
Energy bill relief of $325 for one million small businesses
-
$10m to establish a National Hydrogen Technical Skills Training Centre
-
New Energy Apprenticeships Program to include work in the clean energy sector, construction and advanced manufacturing
-
A $566 million plan for Geoscience Australia to map critical minerals and rare earths
-
$1.5bn for manufacturing of clean energy technologies
-
$10.8m for financial and mental wellbeing support for small business owners
-
$102 million to upgrade regional airports and airstrips
-
$288.1m for the Government’s Digital ID Scheme to reduce the amount of personal information stored by businesses
-
$1 billion available to the states and territories to boost housing supply in well-located areas
-
$88.8 million to deliver 20,000 additional Fee-Free TAFE and VET places in courses relevant to construction, including increased access to pre-apprenticeship programs
-
$15.7 million to deliver a stronger, more streamlined and more transparent approach to foreign investment to help attract foreign capital.
To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:
“This is a glass half full budget for business, with enough in there to sow seeds of confidence for Victoria’s business community especially the instant asset write off extension, energy rebates and small business support.
“This Federal Budget presents promising opportunities for our business community to work with the Victorian Government to secure some of the budgeted initiatives for Victoria, including those relating to AUKUS, defence contracts, clean energy, minerals exploration and housing supply.
“As the largest connector of apprentices and trainees to employers in Victoria, we welcome the Strategic Review of the Australian Apprenticeship Incentive System and will continue to advocate for payments to remain at their current levels.
“While this modest budget surplus sends the right signal, the Victorian Chamber is concerned about the future forecast debt trajectory and would have liked to see plans for bolder tax and regulatory reform.”
Contact details:
Gemma Carter, media@victorianchamber.com.au, 0423 883 945
