The Tamworth Business Chamber can’t see Tuesday’s federal budget “making a great deal of difference” to the local business landscape, as Scott Morrison’s pre-election budget contained very few surprises, or details, for the New England North West.
President Jye Segboer said that while income tax cuts, and positive changes to childcare subsidies are always welcome, the lack of detail in Scott Morrison’s budget papers makes it difficult to forecast exactly what impact it will have.
“It wasn’t a surprising budget – it was obviously built on getting votes,” Mr Segboer said.
The government’s flagship announcement was the cuts to income tax for low and middle income earners, which will put an estimated $30 million back in to the pockets of the region.
“It doesn’t sound like much, but hopefully it will encourage people to spend more in the local economy, although we will have to wait and see on that.”
Meanwhile the NSW Business Chamber believes that “NSW is a victim of its own prudent economic management and discipline”, after missing out on most of the major project and infrastructure spends, no region more so than the New England North West, which had no specific projects identified at all.
Regional Manager Joe Townsend said that while the new budget provides a solid economic blueprint, more needs to be done to tackle debt and support business, particularly small business, who are drowning in government red tape.
“The budget proves that the economy is growing off the back of strong business, and the projected $100 billion which business will contribute to the government. Now we need measures which continue to provide regional businesses confidence,” he said.
“Living within our financial means is a key theme, and the potential to return to surplus is a major positive, however more must be done to support business growth and skills development.”
Sign up for our newsletter to stay up to date.