The Western NSW branch of Business NSW has said the budget will be 'warmly supported' by the business community as they look forward to a more optimistic operating environment in the coming months.
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With a focus on supporting businesses to hire new staff, and putting money back into the pockets of business owners the budget looked at turbo charging the economy as it recovers from COVID-19.
Federal Treasurer Josh Frydenberg announced an underlying deficit of $213.7 billion, with this expected to improve over the forward estimates to a $66.9 billion deficit on Tuesday night.
Western NSW, Business NSW regional manager Vicki Seccombe said there were a suite of job creation and investment measures announced, including several recommendations contained in Business NSW's Back on Track report released in July.
"These include investment incentives, an apprentice and trainee subsidy, a wage rebate for employers hiring young people, business tax concessions and ongoing financial support until the unemployment rate reaches six per cent," Ms Seccombe said.
"The focus on job creation and investment is the right one for these times and the Government should be commended for listening to the legitimate concerns of the business community when preparing this financial blueprint.
"The circumstances around this Budget are unlike any other since the Second World War. It's also easy to forget the huge impact of drought and bushfires which had a jarring impact on our local economy long before the pandemic took hold."
"This budget is about supporting existing employment and creating incentives for business owners to take on additional staff and get young people off welfare.
"Individual personal tax cuts are always a welcome measure as it means more money in the pockets of working Australians.
"Temporary full expensing - allowing any business with turnover up to $5 billion to deduct the full cost of eligible depreciable assets will deliver business tax relief. More importantly it will incentivise investment, bringing forward economic activity to support our region's recovery.
"The cost of improvements to existing eligible depreciable assets made during this time can also be fully deducted, allowing business owners to make the improvements they need to their operations."
Ms Seccombe said the signature piece of the job creation strategy is the JobMaker Hiring Credit which will be available to employers for each new job they create over the next 12 months where they hire an eligible young person.
For each eligible employee, employers will receive $200 a week if they hire an eligible young person aged 16 to 29 years; or $100 a week if they hire an eligible young person aged 30 to 35 years.
The Boosting Apprentices Wage Subsidy will also support up to 100,000 new apprentices and trainees, paying a 50 per cent wage subsidy, up to a cap of $7,000 per quarter, for starting apprentices and trainees at businesses of all sizes, industries and locations.
Ms Seccombe said around 20,000 small to medium businesses will also be able to access up to 10 small business tax concessions for the first time, providing tax relief and reducing red tape so they can concentrate on running their business.
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