Budget to deliver more apprentices and support for businesses to grow

| April 3, 2019

Victorian Chamber of Commerce and Industry members and the 590,0000 businesses operating in Victoria will benefit from better incentives to take on apprentices and trainees announced in the Federal Budget

The Budget will help Victorian businesses get workers with the skills they need, invest in capital and technology and expand internationally.

Small and medium businesses will benefit from the expansion of the instant asset write-off. In additional 22,000 businesses with a turnover of up to $50 million(up from $10 million) will now benefit from the scheme with the maximum deduction also increasing from $25,000 to $30,000. Both of these changes strongly reflect our advocacy. 

Expanding the write-off will help businesses to invest in equipment and technology and create jobs.

The Budget’s $525 million skills package will improve training quality and boost employer incentives to support up to 80,000 new apprentices. 

Small and medium businesses will also receive an extra $60 million to expand into overseas markets, through the Export Market Development Grant scheme

Victorian Chamber Chief Executive Mark Stone AM said additional funds to business and apprentices will boost the number of people taking up and finishing apprenticeships, providing good jobs and career pathways for more young Victorians.

The boost to the Export Market Development Grant scheme responds to the Victorian Chambers call to get more small businesses exporting to international markets.

“The Budget’s investment in Victorian infrastructure will help tackle congestion and improve the competitiveness of Victorian business.

The expansion of the instant asset writeoff will benefit business by improving cashflow and much needed new investment in plant and equipment,” Mr Stone said.

Victoria will receive $6.2 billion in infrastructure funding for road and rail upgrades and projects to tackle urban congestion, which is a significant barrier to businesses getting their goods to market.  

The Budget also will deliver a surplus of $7.1 billion in 2019-20 with surpluses growing into the future. This represents a strong commitment to responsible financial management and will help to pay down debt, improving the resilience of the budget to deal with future challenges.