2023-24 NSW State Budget and Business

Like many business owners, I have been waiting for the 2023-24 NSW State Budget to see how business will treated by the new state government. And from first glance this budget is focused on consumers rather than business.

For example, there were 29 press releases from various ministers about programs in the budget. In those 29 press releases, business was mentioned less than 10 times. And 3 of these were around the $650 energy bill relief program with the Federal Government.

Consistent with the previous governments budget, payroll tax remains the single largest source of income for the state government. And despite calls for changes to this very inefficient and discriminatory tax, I can see no favorable changes being announced. Although they did announce more money for payroll tax compliance activities.

In terms of grants and direct assistance, business was already adversely impacted by various programs put on hold under the Comprehensive Expenditure Review the Labor Government commenced earlier in the year. It appears that these programs will be permanently on hold. As someone who looks at these programs across multiple states, it appears that this may be a competitive disadvantage for NSW. Will be interesting to see how business and new start ups in particular react to this when they are making decisions about where they operate from.

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