Regional Victorian businesses to benefit from budget tax savings
Regional Victorian businesses have emerged big winners from the Victorian State Budget handed down on Monday.
The Victorian Chamber of Commerce and Industry is pleased to see the regional payroll tax rate reduced to 25 per cent of the metropolitan rate, cementing regional Victoria’s status as the most attractive place in Australia to do business.
Victorian Chamber of Commerce and Industry Chief Executive Mark Stone AM said the reduction in payroll tax rate, along with a 50 per cent stamp duty concession for commercial and industrial property transactions in regional Victoria, would be attractive for businesses looking to invest or relocate.
“These policies will signal to businesses looking to invest or relocate that there is nowhere better to do business in Australia than regional Victoria,” Mr Stone said.
“Saying that, the increase in the payroll tax threshold in Victoria to $700,000, while positive, will still be well below all other Australian states. More needs to be done sooner to ensure Victorian business can stay competitive.”
Other initiatives announced that will benefit regional Victorian businesses include:
• $804 million for regional roads
• $340 million for new VLocity trains
• $100 million towards the Western Rail Plan to separate metropolitan and regional services on the Geelong and Ballarat lines
“Regional Victoria contributes more than $76 billion to the state economy each year and fostering its growth is vital to our state’s economic success,” Mr Stone said.
“When regional businesses succeed everyone benefits from more jobs and increased spending in local communities.”
Across Victoria, infrastructure investment will average $13.4 billion over the next four years, and the 2019-20 budget recognises the Victorian Chamber’s call for further strategic investment in vital projects such as the North East Link, Melbourne Airport Rail Link and the removal of 25 additional level crossings.
“These projects are needed to boost business productivity, grow Victorian trade and meet the demands of our fast-growing population,” Mr Stone said.
