The Federal Budget tabled on Tuesday night focused on supporting businesses according to Business NSW, the state’s peak business organisation.
The budget will help businesses to hire new staff, and put money back into the pockets of business owners, to turbo charge the economy as it recovers from the ravages of COVID-19. Treasurer Josh Frydenberg announced an underlying deficit of $213.7 billion, with this expected to improve over the forward estimates to a $66.9 billion deficit.
“This budget will be warmly supported by the business community as we look forward to a more optimistic operating environment in coming months,” said Vicki Seccombe, Regional Manager – Western NSW, Business NSW.
“A suite of job creation and investment measures have been announced. These include investment incentives, an apprentice and trainee subsidy, a wage rebate for employers hiring young people, business tax concessions and ongoing financial support until the unemployment rate reaches six per cent.”
“The focus on job creation and investment is the right one for these times and the government should be commended for listening to the legitimate concerns of the business community when preparing this financial blueprint.”
“The circumstances around this budget are unlike any other since WWII. It’s also easy to forget the huge impact of drought and bushfires which had a jarring impact on our local economy long before the pandemic took hold,” Vicki said.