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    Budget 2017/18 - What it means for industry

    May 10, 2017 - 12:23pm

    The Printing Industries Association of Australia commends the Government on the small business tax cuts in the 2017/18 Federal Budget. The printing industries are the largest manufacturing employer in Australia with a strong representation of small businesses. We know first-hand that these tax cuts will directly result in increased investment back into growing business, buying much-needed new equipment and hiring and training more people, resulting in a stronger Australian economy.

    We are excited to see the Government’s commitment to improving and increasing vocational training through the creation of the Skilling Australia Fund. We have reached out to Government today to obtain greater detail on this.

    We are delighted to see the extension of the immediate $20,000 deduction against capital purchases, and also the $300million commitment to cutting red tape for business. These both benefit small business, which is the driver of the economy.

    Printing Industries is seeking clarification on the write-down provisions for capital investment, and will extend discussions with Government to increase the speed at which this can occur.

    We do have reservations about the new imposts on the banks, as these costs will be born by small business, and will certainly increase the cost of capital raising.

    Printing Industries is also seeking detail from Government on the future of Australia Post within this budget. That organisation is clearly at an inflexion point, with a change in leadership, and with the damage that current policies of Australia Post are inflicting on the economy it is high time the Government focused on reform of this key institution.

    Printing Industries is very concerned that this budget does not immediately address the energy security issue facing Australia. If not rapidly addressed this issue will distort most of the economic predictions underpinning the entire budget. If bureaucratic distortions to the energy market are not removed, industry can only contract.

     

    Andrew Macaulay

    Chief Executive Officer

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