Chamber welcomes Federal Budget
Chamber President Martin Hall said it was also pleasing to see the Government investing heavily in infrastructure, particularly the $500 million it had allocated to improving the M1 between the Gold Coast and Brisbane and the $8 million allocated to investigate the fast rail route between Brisbane and Gold Coast.Mr Hall said the Government also met its commitment to the provide $112 million for light rail to be extended from Broadbeach to Burleigh Heads.
Mr Hall aslo applauded the increase in funding for Tourism Australia from $170 million to $175 million and the Government's move to intensify the fight against serious and organised crime including outlaw motorcycle gangs.However, Mr Hall said the Federal Government missed the opportunity to completely reform Australia's overly complicated tax system and the nation's complex regulatory environment to provide a platform for far reaching future business growth.
"The Government's spending on infrastructure will support demand in the economy but it has also effectively masked the more pressing need for structural reform," Mr Hall said."A surplus budget, while welcome, cannot mask the fact that the economy is stalling in key areas of business creation, energy policy, workplace regulation and the establishment of more a credible tax system than the one currently in place."
Other good news for Gold Coast business operators in the budget were:1. The government is fast-tracking planned tax cuts for small and medium businesses. The tax rate will come down from 27.5 per cent to 26 per cent next year and 25 per cent starting in 2021.
2. The instant asset write-off has also been increased from $25,000 to $30,000 and can now be used by businesses with annual revenue of under $50 million.
3. The Budget will give businesses extra financial help to hire more apprentices to ease the skills crisis.