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The state’s peak business organisation Business NSW has asked the Federal Government to provide a clear pathway for business recovery in its annual Pre-Budget submission to Treasury.

Source : PortMac.News | Retail :

Source : PortMac.News | Retail | News Story:

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Port Chamber Says Budget should focus on business support
The state’s peak business organisation Business NSW has asked the Federal Government to provide a clear pathway for business recovery in its annual Pre-Budget submission to Treasury.

News Story Summary:

“Last year’s delayed Budget was understandably about providing economy-wide support for industry, but this year has to be about accelerating the path to the new normal”, said Port Macquarie based Business NSW Regional Manager (Mid North Coast) Kellon Beard.

“In our most recent Business Conditions Survey conducted across NSW, 23 per cent of businesses believed they were at a high risk of failure when supports such as JobKeeper, tax relief, interest waivers and other measures end,” Mr. Beard said.

“This vulnerability will hang over the small business sector for much of the year and will need to be factored into decisions around when and how these measures are withdrawn.

“We support the Australian Chamber of Commerce and Industry’s call to introduce a new program of wage subsidy support for businesses heavily impacted by government restrictions, such as those in the travel, tourism and hospitality sectors.

“Aimed at preserving future jobs and skills, the wage subsidy would:

• Be set at $450 per week per employee if business turnover is down over one-third or $700 per week per employee if business turnover is down over two-thirds, relative to the same quarter in 2019

• Be tested quarterly to confirm eligibility

• Be available to those employed on or before 1 January 2021

• Retain the industrial relations flexibilities of the JobKeeper payment.

“Many businesses on the Mid North Coast are finding it impossible to plan past March.  The new package must provide longer-term certainty for businesses to plan for as long as restrictions are in place.

“Businesses on the Mid North Coast continue to struggle financially, with more reporting decreases in staff and reduced capital spending than reporting increases.  It will require much stronger consumer spending for these businesses to operate at a capacity level where they begin to rehire and reinvest,” Mr. Beard said.

About Business NSW

Business NSW is the peak policy and advocacy body which has been representing businesses in NSW since 1826.

Kellon Beard, Regional Manager, Mid North Coast, 0427 767 246


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