The Victorian Chamber of Commerce and Industry and Committee for Melbourne are calling for major reform to Victoria’s tax and regulatory settings, warning the state’s growing tax burden and compliance costs are undermining investment, productivity and business confidence.
As part of the Maximising Victoria’s Potential and Competitiveness platform, the organisations are proposing a pathway to restore competitiveness, reduce regulatory burden and improve fiscal accountability.
Victoria has the highest business tax burden in the country, while businesses continue to face increasing compliance obligations and rising operating costs.
Key recommendations include:
- An independent review of Victoria’s state finances and debt position
- A credible pathway to reducing the business tax burden
- Greater transparency and accountability across major infrastructure projects
- Formal reviews of cumulative regulatory burden
- A dedicated regulatory reform working group with business representation
Victoria’s current settings are discouraging investment and making it harder for businesses to grow, employ people and compete nationally and globally.
To be attributed to Victorian Chamber of Commerce and Industry Chief Executive, Sally Curtain:
“Victoria’s businesses are carrying the heaviest tax and compliance burdens in the country. Businesses understand governments face fiscal pressures, but the current trajectory is not sustainable.
“Every additional layer of tax and regulation affects investment decisions, confidence and ultimately jobs. Victoria needs to become easier to do business in, not harder.”
To be attributed to Committee for Melbourne Chief Executive, Scott Veenker:
“Melbourne competes globally for talent, investment and major projects. If investors see Victoria as high-cost, highly regulated and fiscally constrained, they will choose other cities and jurisdictions.
“We need a long-term plan that restores confidence in Victoria as a place to invest, innovate and grow.”
Contact details:
To organise television or radio interviews/grabs with Victorian Chamber Chief Executive Sally Curtain or Committee for Melbourne Chief Executive Scott Veenker, please call 0423 883 945 or email [email protected]