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Sound economic management highlighted in State Budget

Release Date: 12/06/2012

The 2012/13 State Budget demonstrates sound economic management, according to the state’s peak business group, the NSW Business Chamber.
“Getting expense growth under revenue growth is a key achievement, and one that any business owner will tell you is vital to long term viability,” said Paul Orton, NSW Business Chamber’s Director of Policy.
“At this stage of the economic cycle, solid management and the maintenance of the State’s AAA credit rating is exactly what is needed, and the Government should be well pleased with that achievement.
“There is a strong budget focus on transport and infrastructure, albeit limited by the budgetary constraints faced by the Government, in the wake a $5 billion GST shortfall and an uncertain Global outlook.
“While we support the focus the Treasurer has placed on housing, as it is such a vital piece in the State’s economy, there will be some disappointment that there has been no move to increase the small business exemption from payroll tax.”
Mr Orton said he was pleased that the Government had adopted a Chamber proposal to reduce red tape burdens placed on small businesses.
“The establishment of resources and experts to work with businesses on a one on one basis to ease regulatory burdens and reduce red tape will be welcomed by business owners across the State,” Mr Orton said.
“While this initiative in itself won’t solve all the problems faced by a small business, it is due recognition by the Government of the unnecessary burdens placed on small businesses.”
Mr Orton said it is important that in the future, the NSW Government recognises the need to respond to strong competition from other States in regard to business and employment costs.
“That’s why it is critical that the NSW Parliament delivers reform to the WorkCover Scheme that does not involve an increase in premiums.
“NSW needs to re-double its efforts to accelerate tax reform with the Commonwealth and other States, given the current inefficient and inadequate tax base,” Mr Orton said.

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