Frustration is brewing at the inequality and complexity of myriad business support programs among states and territories, as calls for a national approach escalate.
Victorian Treasurer Tim Pallas and Victorian Premier Daniel Andrews. Source: AAP/Erik Anderson.
Small businesses are hopeful the Victorian government’s upcoming budget will include measures to address labour shortages, increase the payroll tax-free threshold and create more opportunities to expand local manufacturing.
The state budget, to be unveiled on Thursday, will include funding for transport, hospitals and changes to stamp duty. However, no pre-budget announcements have so far been made for the small business sector.
Treasurer Tim Pallas announced a premium stamp duty will be introduced for property transactions above $2 million to help improve the budget’s bottom line. This year, the deficit is expected to reach more than $17 billion.