Both Labor and the Coalition must improve the environment for small and medium businesses, says policy body executive
The Federal Coalition’s pledge to reduce taxes and energy costs, balance Labor’s industrial relations laws, incentivise older workers, and increase the instant asset write-off is poised to benefit New South Wales and its small and medium businesses, according to Business NSW.
Daniel Hunter (pictured), chief executive of Business NSW, stated that opposition leader Peter Dutton’s budget reply speech includes measures that could enhance economic growth in Australia’s most populous state.
“Increasing the instant asset write-off to $30,000 – compared to Labor’s $20,000 limit – is a strong signal that the Coalition understands the need to stimulate small and medium businesses in this country,” Hunter said. “Making the instant asset write-off an ongoing measure – as opposed to Labor’s yearly question mark over the policy – creates all-important certainty for businesses.”
Hunter also emphasised the importance of lower taxes, cheaper energy, and a flexible industrial relations system. He supported a balanced approach to industrial relations, arguing that restrictive systems hinder business innovation and productivity.
“Both Labor and the Coalition must ensure they maintain a laser-like focus on improving the operating environment for NSW and Australia’s small and medium businesses,” Hunter said. “It’s the only way to ensure our community’s prosperity.
“When Dutton says ‘small businesses are the lifeblood of our communities’, he’s on the mark. His focus on trades and skilled migration is also welcome news for businesses struggling to get the workers they need.”
Formerly the NSW Business Chamber, Business NSW is the peak policy and advocacy body which has been representing almost 50,000 businesses in NSW.
Key measures announced by the Coalition in the budget reply speech also include the plan to revert to the former Coalition Government’s definition of a casual worker, removing Labor’s industrial relations agenda. Additionally, they propose doubling the work bonus for older Australians and veterans from £300 to £600 per fortnight without reducing pension payments.
Also mentioned were increasing the working hours for those on student visas by 12 hours per fortnight, introducing competition policies to benefit consumers and smaller businesses, expanding domestic gas production for affordable and reliable energy, and ensuring sufficient skilled and temporary visas for those with building and construction skills to support local tradespeople.
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