‘No frills’ Budget for business, with no new taxes

The 2024-25 State Budget is a ‘no frills’ Budget: the Victorian Chamber welcomes no new taxes on business, which was our number one advocacy priority. 

The Budget also pledges responsible government spending on programs and infrastructure while addressing the State’s debt trajectory. This indicates the Government plans to live within its means. 

As the largest business group in Victoria, representing 85,000 members and clients of all sizes and sectors, the Victorian Chamber has been proactive and vocal in our asks of the Government, including our The Transformation Budget submission which we released in February. 

While allowances for business in the Budget are modest, the Chamber welcomes increased funding for TAFE and upskilling, careers counselling in schools, business events attraction, innovation and entrepreneurship initiatives, regional services and business enablement and training programs. 

Business has been doing the heavy lifting for the Victorian economy. The Victorian Chamber was instrumental in advocating for raising the payroll tax threshold, abolition of the business insurance levy and replacing stamp duty on commercial properties: all of which will take effect from 1 July 2024, helping to unlock business growth. 

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

“The Victorian Chamber’s number one ask of the Victorian Government in his Budget was no new taxes on business. We are pleased that there is no major hit for business in this Budget, while three taxes and charges that stifle business growth will reduce from 1 July 2024. 

“There is also strong recognition of our push to ensure business has access to a strong workforce pipeline through commitments for TAFE and training, careers counselling and skills, particularly in emerging industries.  

“It is pleasing that the Government has committed to reigning in spending and has a plan to address our State’s ballooning debt and a path to achieve an operating surplus. It is imperative that Government is disciplined and focused on staying this course because the State’s substantial debt remains of concern. 

“Our members need certainty that they can operate in an environment where their costs do not outstrip their profits. We want Victoria to return to being the best state to operate and do business; the best way to do that is to restore confidence. 

“The next phase must be growth coupled with genuine economic reform: the State must unlock sources of income from our innovation sector and natural resources and up the ante on energy generation to transform our future.”