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VICTORIA could achieve significant job creation and sustained economic growth from aviation, healthcare and international events if the areas are prioritised in the upcoming state budget, according to the state's peak employer body.
“Building Victoria’s international competitiveness must be a priority of the budget, so industries with demonstrated growth potential can take advantage of the opportunities presented by the Asian century,” says VECCI Chief Executive Mark Stone.
Mr Stone said exciting new R&D capabilities are being progressed in areas like carbon fibre and advanced materials. So too are many Victorian companies leveraging their expertise in primary production, food processing, logistics, branding and investment to help position the state as a food bowl to Asia.
“Healthcare is another good example of where our excellence in research, technology, human resources, products and services could be exported to service Asia’s growing demand for this industry,” says Mr Stone.
He said the government’s international engagement strategy is strongly supported by VECCI and the government should use the 2014-15 budget to accelerate and expand this effort, continuing to partner with industry to strengthen Victoria’s trade and investment presence in priority markets.
Mr Stone’s comments follow the release of the VECCI 2014-15 State Budget Submission: Accelerating Growth and Building Business Success.
Priority VECCI recommendations for building international competitiveness:
- Conduct a VCEC inquiry into the potential for increasing exports of Victoria’s healthcare services, including training, medical R&D and ICT healthcare management.
- Establish an Aviation Industry Strategy that leverages off our aviation education, training, R&D commercialisation and maintenance, repair and overhaul (MRO) capabilities.
- Prioritise funding for the expansion of the Melbourne Convention and Exhibition Centre (ensuring project completion by 2017) and attract more business events aligned to Victoria’s priority sectors (medicine, science, technology, engineering and education).
- Host a biennial International Victoria Expo that brings exporters, relevant trade service providers, universities, international students, and chamber and consular representatives together to link Victoria’s international trade capabilities with potential partners or service providers.
These priorities must be enacted in conjunction with a range of other recommendations to make Victoria a more competitive place to do business. VECCI also recommends raising the payroll tax threshold from $550,000 to $850,000, or alternatively reducing the payroll tax rate from 4.90 per cent to 4.70 per cent.
Mr Stone said new infrastructure has a vital role to play in helping business get its products and services to markets at home and abroad on time, and at low cost.
“This is why the 2014-15 budget must not only reinforce the government’s intention to deliver Stage 1 of the East West Link, but also progress delivery of Stage 2, ensuring a future port and Western Ring Road connection,” says Mr Stone.
“The priority for government must be to help business succeed by making Victoria more competitive, leveraging more from our human resources to create a smarter state, ensuring we are truly international in our focus and activities, and ultimately creating a more liveable state.”
Read VECCI’s full budget submission at:
http://www.vecci.org.au/policy-and-advocacy/state-budget-summary
www.vecci.org.au
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