The Victorian Chamber of Commerce and Industry has released its recommendations for the 2024-25 Federal Budget, focusing on accelerating investment in business and education, urgent tax reform, and boosting Regional Victoria.
With input from over 85,000 members and clients, the Chamber emphasizes the need for better conditions to support businesses of all sizes across the state.
Key recommendations
Energy: Releasing the Future Gas Strategy to ensure energy security for the eastern states and prevent gas shortages in Victoria.
Global Industries and Technology: Supporting Australia’s competitive advantage in critical minerals crucial for the transition to renewable energy. Allocating funds for programs like the Technology Investment Boost and Skills Training Boost to enhance digital capabilities and workforce skills in small businesses.
Tax Reform: Implementing urgent tax reforms to lighten the burden on businesses and make the tax system fairer.
Infrastructure: Establishing strategic priorities for investment in road, rail, and major projects in Victoria over the next decade.
Regulation: Removing regulatory barriers on businesses to unleash innovation and investment, modeled after a national competition policy approach.
Regional Victoria: Allocating funds for the development of a national regional policy, with a specific focus on Victoria’s competitive advantage in various sectors.
Education and Training: Addressing the skills shortage with a flexible education system that involves businesses in curriculum development to produce job-ready employees.
Victorian Chamber of Commerce and Industry Chief Executive, Paul Guerra, states, “This is a call to action. A budget submission that looks to put business at the heart of the economy.
“The way to strengthen our economy is through prioritising business growth. In this country, with enviable resources and livability, we have a business community keen to explore and succeed. Reform of the tax and regulation system headlines the Victorian Chamber’s solutions-based Federal Budget Submission. To stimulate our economy, we need a national approach to innovation, infrastructure and investment.
“Energy reliability is key to economic growth. The Chamber is advocating for a national approach to an affordable and reliable road to net zero. No energy resource should be left off the table and a coordinated eastern seaboard approach will provide the certainty and reliability that business is after.”
Executive Director of Policy & Advocacy, Amelia Bitsis, adds, ““This budget should chart our course to become that global leader, that frontier nation. To do that we need business working alongside Government, and that means clearing the way for business to drive our growth agenda.
“Our budget submission is looking at stimulating our national economic ambition, to match the ambition of business. A co-ordinated approach that allows business to thrive will enable the Australian economy to grow. Let’s address the areas that are holding business back and turbo charge the support for growth.”
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