Member Login
Labor’s Approach to Budget and Fiscal Policy – Australian Chamber of Commerce and Industry response
17 May 2018 | Archive
The Labor Party’s recognition of the need to pay down debt and for a buffer to be able to respond to international downturns has been welcomed by the Australian Chamber of Commerce and Industry, as has the plan to encourage new investment through accelerated depreciation and emphasis on Vocational Education and Training.
However, the reliance both major parties have on increasing revenue rather than reducing spending is of concern.
Responding to Shadow Treasurer Chris Bowen’s address to the National Press Club on 16 May on Labor’s approach to budget and fiscal policy, Australian Chamber CEO James Pearson said “the Opposition’s commitment to budget repair is timely and its acknowledgement of the need to protect Australia against international uncertainty is welcome.
“The confirmation of the plan to allow all businesses an immediate write off of 20% of all new investments is recognition of the importance of encouraging business to invest; and the reiteration of support for developing our nation’s human capital including investment in VET, recognises the need to build skills for people and business for the modern economy.
“Business would like to see a commitment to rein in spending; and reduce, not increase, the tax share in order to reach a Budget surplus. There is ample scope to address waste and inefficiencies in spending.
“Personal tax cuts are welcome. Also needed are business tax cuts to help Australian business, large and small, catch up with the pack in an increasingly competitive world. We call on the Opposition to support cuts in business tax, including by honouring the already legislated tax cuts for businesses with up to $50 million turnover.
“Few would argue with the Shadow Treasurer when he says that the best way to grow our economy is to ensure that every Australian has the ability to fulfil their potential, wherever they live.
“We believe that the best way to do that is to encourage the business community to invest, create wealth and employ – so Australians have the jobs, living standards and opportunities to which they aspire.”
Related News
ACCI Director joins Deregulation Taskforce
13/09/2019
The Australian Chamber is delighted to announce Bryan Clark, Director of ACCI Trade & International Affairs, has been appointed to the Government’s Deregulation Taskforce, announced...
COAG Call to action on skills
8/08/2019
The Australian Chamber is calling on the country's political leaders to agree to reform our vital Vocation Education and Training (VET) system, to deliver the skills...
Small business deserves a fair go in Fair Dismissal Code
6/08/2019
The Australian Chamber backs the latest call for greater balance in the unfair dismissal system to better support small business owners trying to do the right...
Australian Chamber welcomes moves to cut red tape
5/08/2019
The Australian Chamber of Commerce and Industry welcomes today’s announcement that the Productivity Commission will focus on streamlining regulation in the resources sector. "The joint announcement...
It is time we all acted on the unions’ lawlessness
30/07/2019
By James Pearson, Chief Executive Officer In August 1985 Bob Hawke proclaimed that the Australian government had had enough of “the Building Labourers Federation’s complete...
Time to ensure unions obey our laws and heed our courts
23/07/2019
The Government has called time on union officials with deep pockets, arrogant attitudes, and combative lawyers thumbing their nose at our laws, our courts and...
Maze runner: keeping Australian business competitive in the era of innovation
22/07/2019
By James Pearson It's the year 2030. China has overtaken the US as the world's largest economy. The fastest growing cities are located in...
Union claims exaggerated on union accountability laws
18/07/2019
The Australian Chamber of Commerce and Industry (ACCI), Australia’s employer representative to the United Nations’ International Labour Organisation (ILO), says union opposition to proposed legislation...
Further falls in VET funding reinforces urgent need to prioritise reform
18/07/2019
Today’s release of a report on Government-funded vocational training by the National Centre for Vocational Education Research (NCVER) showing a further decline in investment, reinforces the...
Passage of tax cuts benefits all Australians
4/07/2019
The Australian Chamber of Commerce and Industry, Australia’s largest and most representative business network, warmly welcomes the passage of the personal income tax package through the Senate. “The...
Australian Chamber welcomes the reintroduction of the Ensuring Integrity Bill
4/07/2019
Australia's largest and most representative business network, the Australian Chamber of Commerce and Industry welcomes the Federal Government's reintroduction of the Fair Work (Registered Organisations)...
Business calls on the Parliament to pass personal tax package in full
1/07/2019
Australia’s largest and most representative business network, the Australian Chamber of Commerce and Industry calls on the Parliament to pass the Government’s personal income tax...
Australian Chamber-Tourism welcomes Working Holiday Maker program expansion
1/07/2019
Australian Chamber – Tourism, the peak body of Australia’s tourism organisations welcomes the expansion of the Working Holiday Maker visa program. “The Australian Chamber-Tourism has...
Business welcomes Prime Minister's emphasis on workplace relations and skills
24/06/2019
Australia’s largest and most representative business network, the Australian Chamber of Commerce and Industry, welcomes the Prime Minister’s commitment to review Australia’s Industrial Relations system...
International Visitors Survey continues to highlight positive growth story
19/06/2019
Australian Chamber – Tourism, the peak body of Australia’s tourism organisations, acknowledges the release of the International Visitors Survey today. The survey shows strong performance for...
Industrial sentiment bounces, conditions confirm a loss of momentum
18/06/2019
The Australian Chamber of Commerce and Industry – Westpac Survey of Industrial Trends for the June quarter 2019 released today, shows a slowing in manufacturing business...
Opinion Editorial | It's time to repair, not replace workplace rules
11/06/2019
By James Pearson With the final seats being declared in the federal election, the government and opposition frontbench teams in place and parliament set to...
Economic growth figures underline need to support business to invest and create jobs
5/06/2019
The Australian Chamber of Commerce and Industry, Australia’s largest and most representative business network, today expressed disappointment at the latest National Accounts figures showing lower...
Lower interest rates to boost small business investment
4/06/2019
The Reserve Bank Board’s decision to lower the cash rate to 1.25% today has been welcomed by Australia’s largest business network, the Australian Chamber of...
Business welcomes new Federal Shadow Ministry
3/06/2019
Australia’s largest business network, the Australian Chamber of Commerce and Industry, congratulates the new Labor Shadow Ministry on their appointments and welcomes Federal Opposition Leader Anthony...