The NSW Business Chamber has applauded the Berejiklian government, and previous state governments, for making the “tough economic decisions” that have led to Tuesday’s announcement of a huge budget surplus that “is the envy of other states.”
NSW Chamber New England North West manager Joe Townsend said that there is no better place in Australia to run or establish a business following treasurer Dominic Perrottet announcing a $4.5 billion surplus for the current financial year, followed by a predicted $2.7 billion surplus for the next.
“It’s easy to take for granted the strong economic position we are in,” Mr Townsend said.
“But business owners certainly don’t. Successive premiers and treasurers have made tough economic decisions, and have consequently brought about much needed reform that we are all now benefiting from. NSW is the envy of other states, we lead the way on all the major indicators of budget strength.”
President of the Tamworth Business Chamber Jye Segboer echoed those sentiments, and added that the $759 million investment in skills development, and the $65 million youth employment program are big wins for the Tamworth region.
“We were expecting to see spending in those areas which was great, and the overall surplus is fantastic,” Mr Segboer said.
Mr Segboer also lauded the $30 million pledged to advisory services for small business, as well as the exemption of duty on professional indemnity insurance, product and liability insurance and commercial vehicle insurance, which will come into effect from January 2018.
“Most new businesses fail because of mismanagement in cash flow so the free advisory service will act as a small business health check, while the exemption on duties is a big tick in terms of savings,” Mr Segboer said.
While both chambers agreed that the budget was good news for regional NSW, they also agreed in their disappointment that there was no change to payroll tax, which is “a major disincentive for small businesses to grow and employ more staff.”