Budget delivers on commitments made to Queensland businesses
CCIQ (Chamber of Commerce and Industry Queensland) has welcomed today’s State Budget saying that it is a resounding win for Queensland businesses, who desperately need a boost in confidence and investment which can only be brought about by improved fiscal and debt management.
Today’s budget highlights that the State Government remains committed to its election promises to deliver a better operating environment for Queensland businesses by stabilising debt levels, returning the budget to surplus and regaining Queensland’s AAA credit rating.
CCIQ President Mr David Goodwin said that CCIQ wanted to highlight the many positive aspects of today’s budget.
“It is important that not all the public’s attention is focused on public sector jobs cuts."
"Of greater importance is the fact that this budget will provide a foundation to restore Queensland’s public finances and ensure that our economy becomes the best in Australia in the future.
“It is a significant outcome that the Queensland Government has been able to deliver on its election promises without committing the State’s taxpayers to a legacy of unsustainable debt and interest payments or increasing business costs.
“The business community understands the challenges facing the State Government and therefore were asking for no more than this very outcome.”
Today’s budget designed to get the economy back on track delivers $7.016 billion in operational and capital savings and reduces the debt legacy left by the previous government by $4.6 billion by 2014-15.
Whilst this is certainly a ‘no frills’ budget containing few new announcements or business expenditure outcomes, it is consistent with the 10 recommendations and key points put forward in CCIQ’s State Budget Submission in August.
Mr Goodwin said that the Queensland business community understood the enormous task facing the State Government and therefore were fair in its requests.
“CCIQ did not call for a further improvement in the competitiveness of Queensland’s business operating environment, as we believe that the existing commitments made during the state election campaign will, when delivered, provide a significantly beneficial impact to small business and the wider economy."
“Debt and reckless spending is beginning to be addressed, and the changes to the payroll tax burden, the removal of the waste levy, the easing of red tape and the commitment to a four pillar economy will ensure that Queensland’s economy grows, is diverse and less reliant upon the resources sector.
“Importantly, reducing the debt inherited from the previous government will save taxpayers over $1.3 billion in interest payments alone over the coming three years.
“This creates a real cash flow for the government in the coming years which can be used to cut business costs, invest in important infrastructure and reduce the cost of living in Queensland.”
Overall, CCIQ strongly supports the fiscal repair task embarked upon by the Queensland Government as it will lay the foundations for a strong and prosperous state economy.