NSW Government releases steady infrastructure budget

The Australian Retailers Association (ARA) has commended the NSW Government for delivering a Budget that focuses on infrastructure, while running a surplus in 2016-17.

ARA Executive Director, Russell Zimmerman said the NSW State Budget builds on economic strength for the state, assisting retail sales growth while supporting retail businesses and employment through continued skills funding and tax relief.

“The 2017-18 Budget released today focuses on delivering infrastructure projects that NSW communities need, with long term holes in infrastructure slowly being fixed for the first time in decades,” Mr Zimmerman said.

From January next year, businesses with an annual turnover of less than $2 million will be exempt from paying duties on insurance for work vehicles, professional indemnity and public liability.

The ARA also welcomes the increased support for the Business Connect Programme in helping small businesses to plan and adapt.

“As always, the industry needs the Government to further reduce business taxes to sustain retail growth,” Mr Zimmerman said.

“The tax cuts on business transactions is an important step for retailers making decisions to improve their operations.”

The ARA further congratulates the NSW Government for their $96 million commitment to the Jobs for NSW initiative which ARA members have participated in to stimulate jobs growth across NSW.

Retailers will also welcome stamp duty cuts with exemptions for homes worth up to $650,000, and discounts for purchases up to $800,000 for new homebuyers as these initiatives will stimulate consumer spend.

“These business cuts, along with the homebuyers’ stamp duty cuts will help grow retail spend across the industry,” Mr Zimmerman said.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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