The federal budget was “overwhelmingly a win for business”, said Illawarra Business Chamber CEO Debra Murphy.
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“This budget contains some welcome relief for business in the Illawarra,” Ms Murphy said.
‘Like the rest of Australia, the Illawarra is an overwhelmingly small and medium business economy, with more than 98 per cent of the 29,000 businesses in our region employing fewer than 20 people.
“Small business drives our economic growth.
“That’s why we’ve been asking for some time to extend the company tax threshold for small businesses, and we’re pleased the government has responded with very clear support for the small business sector.”
Among the changes Ms Murphy highlighted was the drop in the company tax rate to 27.5 per cent and the moving of the turnover threshold from $2 million annually to $10 million.
“The government knows that sustainable job growth is going to be driven by the small business sector, and a company tax rate cut provides small business owners the opportunity to employ those extra few staff members or take on an apprentice,” she said.
“This will be particularly welcome in regions like the Illawarra where there might be fewer opportunities for business owners to make changes to their business operations.”