About this Submission

In the lead up to the May Commonwealth Budget 2023-24 Business NSW has submitted our Pre-Budget Submission. 

The submission outlines the economic conditions facing businesses in NSW and recommends funding and policy initiatives based on member priorities. These top priority areas consistently remain:

·       Access to Skills and Labour

·       Tax Reform (with a focus on reducing state-based taxes)

·       Energy (managing energy costs and supporting the transition to net zero)

·       Rising business costs (and targeted support for investment)

Business NSW acknowledges the health and economic policy achievements of the Australian and NSW Governments supporting business, business owners, their staff and employees and the local communities in which they operate through three very challenging years.  A key theme of our submission, as the government turns its attention to framing the May 2023 Budget, has been to highlight the fragility of many firms grappling with the after-effects of the pandemic while adjusting their operations in the face of economic headwinds and continued disruptions to global supply chains and energy markets.  Our members are grappling with real world challenges and our submission strongly reminds policy makers of this.

Business costs continue to be a top concern of our members. Business confidence remains firmly in negative territory and most industries and regions expect a deterioration in the first quarter of 2023, according to our November 2022 survey results (Section 1).

Numerous interest rate hikes are impacting businesses intensely, as well as increasing energy prices and their effect on business operations. Our members have made it clear that the latest Commonwealth Budget (October 2022) is not doing enough to support businesses in NSW.

This submission therefore considers how to embrace a growth agenda whilst re-engaging policy makers and businesses of all sizes to pursue a significant period of productivity enhancements and reform. Business understands the need to build a stronger, more resilient economy and the need to tackle inflation. That’s why we support governments, state and federal, pursuit of skills and tax reforms, providing support during the energy transition, more investment in innovation and a coordinated state-federal productivity agenda.

Note: As a shareholder of the Australian Chamber of Commerce and Industry (ACCI), Business NSW also contributed to and supported their submission and nation-wide priorities.