The Victorian Chamber of Commerce and Industry welcomes the Coalition’s Budget In Reply, which delivers a pro-business agenda and responds to many of the critical issues we identified in our Back in Business Federal Election Platform.
With a strong focus on tax relief, skills development, energy security and economic growth, these measures will provide much-needed support for Victorian business and the broader community.
The Coalition’s plan to increase the instant asset write-off to $30,000 and make it permanent will encourage business investment and growth. Additionally, the proposed $20,000 per year deduction for business-related meal expenses will be a significant boost to the struggling hospitality sector.
The commitment to supporting 400,000 apprentices and trainees and restoring targeted incentive payments is a major win for businesses seeking skilled workers. The proposed $12,000 payment for small and medium-sized businesses hiring new apprentices or trainees in critical skills areas will be vital, particularly as it costs businesses around $60,000 to take on an apprentice. This is an issue the Victorian Chamber has strongly advocated for, and we see this as critical to strengthening the state’s future workforce.
With energy costs being a major concern for business, the Coalition’s National Gas Plan, including an east coast gas reservation and investment in critical gas infrastructure, is a welcome step toward stabilising prices and ensuring reliable supply.
The commitment to supporting key industries such as mining, agriculture and advanced manufacturing—many of which are based in regional Victoria—will strengthen our competitive advantage. The reduction in fuel excise will also provide relief, lowering transport costs for businesses and making the movement of goods and services more affordable.
The focus on developing global industries—including artificial intelligence, automation, cyber security and space, bio and nanotechnologies—aligns with Victoria’s push to be a leader in innovation and future industries.
To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:
“The measures announced in tonight’s Budget Reply address many of the key concerns raised by businesses and provide a roadmap for economic growth.
“There are four things critical to our economy going forward, especially for Victoria—affordable and reliable energy, a strong apprenticeship pipeline, housing supply and reducing business costs.
“The Coalition’s commitment to securing future gas supplies and addressing concerns around energy affordability is essential for Victorian businesses.
“Victoria has the potential to become the number one state for apprentices in Australia, and the return of this incentive payment, which we have lobbied hard for, will be critical in helping businesses meet future workforce demands. We know small businesses are the backbone of the economy and this measure will ease the financial burden of hiring and training apprentices.
“Housing remains one of the biggest challenges for business. Our ability to attract and retain workers is directly linked to the supply of affordable housing and this is why business cares about this issue.
“Finally, tax incentives and regulatory reforms will be key to allowing businesses to grow and thrive. Reducing the burdens that make it difficult for small businesses to succeed will help drive economic recovery and create jobs.”
Contact details:
Mikkayla Mossop, media@victorianchamber.com.au, 0423 883 945