The state’s peak business organisation, Business NSW believes the Federal Budget provides targeted support for businesses as they grapple with the pressures of skills shortages, bouncing back from the pandemic and the rising complexity of the digital economy.
“This is a Budget that has a number of welcome measures for businesses, yet it leaves a few major issues such as unaffordable insurance costs off the list,” said Business NSW, Regional Manager – Western NSW, Vicki Seccombe.
“With the current severe labour shortages across Western NSW, upskilling our local workforce, coupled with an increase in permanent skilled migration will assist our businesses as they navigate a post-COVID recovery,” Ms Seccombe said.
“With a Federal Election due in the next month, there is no doubt this budget presents a series of measures that make it more attractive to expand business investment.”
Fuel excise will be cut in half for the next six months, meaning the cost of filling up a tank of petrol or diesel will reduce, which will be applauded by many small businesses and their families.
For every hundred dollars a small business spends on training their employees, they will get a $120 tax deduction, which is a major boost to staff productivity and retention.
Small businesses will also be able to claim a bonus 20% tax deduction for investments in digital technologies like cloud computing, cyber security and web design.
“Locally, we were pleased to see an additional $811.8 million towards regional connectivity, which is critical for our communities and businesses across Western NSW.”