The Canberra Business Chamber has urged the ACT government to refrain from introducing any new taxes in the upcoming budget, stressing the importance of fostering a business-friendly environment to drive economic recovery. In a pre-budget submission, the chamber outlined key priorities including reducing regulatory burdens, supporting small businesses, and investing in infrastructure.
Key Recommendations
The chamber's submission calls for a focus on productivity-enhancing measures rather than tax increases. It argues that new taxes would stifle business growth and deter investment in the region. Instead, the chamber recommends streamlining government processes and reducing red tape to lower compliance costs for businesses.
Support for Small Businesses
Small businesses, which form the backbone of the local economy, require targeted support. The chamber suggests extending grants and incentives for digital adoption and sustainability initiatives. Additionally, it proposes a review of payroll tax thresholds to ease the burden on growing enterprises.
Infrastructure Investment
The chamber highlights the need for strategic infrastructure projects, such as improved transport links and digital connectivity, to enhance Canberra's competitiveness. It argues that such investments will create jobs and attract new businesses to the region.
The ACT government is set to deliver its budget later this year, with Treasurer Katy Gallagher expected to balance fiscal discipline with support for economic recovery. The chamber's submission serves as a reminder of the delicate balance required to ensure long-term prosperity without overburdening taxpayers.
