General News
28 October, 2022
Budget reaction: Mark Clyne
The new Chair of West Vic Business reflects on the Budget announcement.
As the new Chair of West Vic Business and director of Harcourts Horsham we talk to many businesses and people throughout the Wimmera.
The Wimmera is in very good health after three good farming years and strong growth across most industries across the region.
Overall, the Budget had no surprises and was a very safe budget for Labour.
The devil is always in the detail which will be scrutinised over the coming days.
The five main items of discussion that come up in the business world are:
* Lack of staff in all industries and professions: an increase in skilled migration to 195,000 permanent places. Will it help regional Australia?
* Rising costs due to rising energy prices, wages, interest, and insurances: eergy costs are forecast to rise substantially which will impact manufacturing and make goods dearer to buy and increase business overheads and ultimately be passed on. Wages will continue to be a major cost of most businesses to maintain and attract new staff.
* Retailers' sales are being restricted by a shortage of supplies and goods to sell: nothing in the Budget to address these issues.
* Lack of availability to childcare places (huge waiting lists): the Budget has pledged $4.6 billion to increase childcare subsidy rates from July 2023.
* Lack of suitable housing to accommodate staff in areas outside of Horsham generally: the Budget has an aim to build one million homes over five years from 2024, more detail to see if regional Australia also benefits. I am always scared when government is involved in building houses as the quality can be very questionable and the schemes are generally rorted, if history is anything to go by. New social housing to be built.
Read more: Early days relived
Early feedback from business leaders is there is nothing good or bad in the Budget for businesses and there certainly appears very little for regional Australia.
We are lucky that we have a very healthy and vibrant business community across the Wimmera with many looking to expand their operations.
Mark Clyne
Chair of West Vic Business