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State budget provides tax relief and invests in infrastructure


Release Date: 19/06/2018
The region’s peak business organisation, the Hunter Business Chamber believes the State Budget will be positively received by the business community throughout NSW as it provides tax relief and invests in infrastructure and skills for the future.
 
“This is a Budget which provides some welcome relief for small business across NSW in the form of an increased payroll tax threshold and builds future capacity through record investment in infrastructure and skills,” said Hunter Business Chamber Chief Executive Officer Bob Hawes.
 
“The concept of the NSW Generations Fund and $3 billon in seed funding is a sound way to harvest some of the benefit from the State’s strong performance in recent years and recognises the need for fiscal responsibility looking ahead.
 
“The better than forecast surplus from this budget stems in part from increased income from mining royalties and stamp duty and the government is recognising this doesn’t last forever.
 
Some of the other measures in the budget that will benefit business include:
 Extension to the payroll tax threshold to $1 million over four years
 
 $37 million set aside to extend the Easy to Do Business program to the housing construction sector will make it easier for new players to set up operations
 
 Funding to improve TAFE and school infrastructure and operations to improve the pipeline of skills
 
 The provision of 100,000 free apprenticeships across NSW
 
 $87.2 billion in infrastructure investment across a number of significant projects including $1.2 billion to continue the Pacific Highway upgrade; $880 million investment in technology to improve rail network performance; and $600 million for road safety infrastructure upgrades
 
“In the Hunter, whilst the Budget has continued funding for a broad range of initiatives and projects including the Maitland Hospital, works on the Golden Highway, the Newcastle revitalisation and the Scone bypass, we have not seen announcements that will initiate new large scale projects which appear on lists locally.
 
“Our challenge is to make sure the region is on the front foot to propose well supported projects and initiatives to be able to attract funding from a range of general allocations noted in the budget.
 
“This includes funding for infrastructure, medical research, tourism, education, health and community infrastructure.
 
“With an election in NSW now just nine months away, the Government has made its pitch through this Budget to provide opportunities to support business growth, investment and job creation, however it’s vital that regional NSW is not left behind,” Bob said.



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