Illawarra Business Chamber Executive Director Adam Zarth has welcomed reduced taxes on small businesses and individuals contained in tonight’s Federal Budget, as well as a suite of measures to support older Australians; both in the workforce, and receiving care at home.
“Cuts to personal income taxes will drive consumer spending and build confidence in the economy, while measures to address inequalities in business taxation will create a more level playing field for small businesses and start-ups,” said Mr Zarth.
“Small business will also benefit from the extension of the $20,000 instant asset write–off for 12-months, which will allow them to continue to reinvest in their operations.
“Elsewhere, targeted infrastructure investment in projects such as the Nowra Bridge have been welcomed by Illawarra businesses as a good start.
“Also encouraging was the Treasurer’s announcement of $3.5 billion over 10 years for ‘Roads of Strategic Importance’, which should certainly be directed to key economic freight routes in our region such as Picton Road and the Princes Motorway at Mt Ousley.
“Investments in rail links into Port Botany and Western Sydney Airport demonstrate the importance in connecting these assets which get trucks off our roads, and further highlight the need for the South West Illawarra Rail Link (SWIRL) to connect Port Kembla, NSW’s second container terminal, to the growing economy of south-western Sydney.
“The Chamber supports measures in the Budget that acknowledge that older Australians should be supported to work as long as they can, and cared for at home when they cannot.
“To that end, the Budget contains 14,000 extra in-home care places, costing $1.6 billion as well as $83 million for more mental health services in aged care facilities.
“We have an ageing community in the Illawarra as well as pockets of staffing shortages, and so employers will welcome the wage subsidies announced tonight of up to $10,000 for those who hire older Australians.”