The Illawarra Business Chamber (IBC) will be looking for payroll tax relief and greater investment in infrastructure to connect the region in the detail released tomorrow in the NSW Government’s first budget since the March election.
“Amid slowing growth, a workforce shortage and tough trading conditions, the state government should fast-track its promised payroll tax cuts for areas outside of Sydney and must deliver major infrastructure upgrades to stimulate growth and open up opportunities for our regional economy,” said IBC Executive Director, Adam Zarth.
“The Chamber has asked government to immediately lift the payroll tax threshold to $1 million for businesses in regional areas, including the Wollongong LGA in its Pre-Budget Submission,” Mr Zarth said.
“At a minimum we expect the threshold to be lifted to $900,000, as already committed to in the previous term of government.”
“The Chamber has also called for the establishment of an Infrastructure Coordination Authority, guided by a private sector board, which would help ensure the efficient delivery of infrastructure, advise on contracting and monitor performance. Projects like the South West Illawarra Rail Link, which have clearly demonstrated a cost-benefit ratio of more than 1 – in this case, 1.13 on a conservative discount rate by the University of Wollongong’s SMART Infrastructure Facility – need to receive more prominence by government in consideration for funding sources like Restart NSW.”
The Chamber is also looking for government to introduce practical strategies to get young people skilled and into the workplace.
“We are calling on the government to deliver 20,000 school based apprenticeships and traineeships over the next four years and ensure the skills developed both in school and training are relevant and aligned to industry,”
“Importantly for our region, we hope the Budget will fund the continuation of Illawarra YES (Youth Employment Strategy) – a successful program that has secured 84 jobs since inception and assisted businesses address skills gaps in the transport, cabinet making, disability and aged care sectors.” Mr Zarth said.
James Newton (0417 135 858)
Source: NSWBC 2019/20 NSW Budget Submission