Capitalising on opportunities that make WA the best place to live and do business
The need for a competitive business environment is more important than ever. The fight for global capital is heating up, as countries race to capitalise on opportunities that will secure the industries of tomorrow and the jobs they promise.
Yet if Western Australia tinkers only at the edges of its current policy settings, it will miss out on many of these opportunities, denying many local families the chance to secure a brighter future.
The 2024-25 State Budget is a golden opportunity for the State Government to take decisive action.
Our pre-budget submission includes a suite of recommendations that would position WA to capitalise on the enormous opportunities on offer. The three main priorities are:
- Relieve the cost burden and make WA more attractive for investment by lowering the burden of payroll tax.
- Create a competitive advantage for WA in the shift to net zero, by addressing issues with the environmental approvals system.
- Get ambitious by laying the foundations for the industries of tomorrow.
Keep the costs of doing business low
- Reform WA’s payroll tax model to provide relief for small and medium enterprises.
- Increase the funding for community service providers to reflect the true cost of delivering their services.
- Do not impose new or higher taxes.
Ensure regulation helps, not hinders, investment
- Push back on Federal reforms which negatively impact WA businesses.
- Tie the rising costs of regulation that are recovered by government from industry to improving regulatory service delivery.
- Invest more in digitising regulatory services.
- Remove retail trading restrictions for a thriving retail sector.
Ensure policies support emerging industries
- Establish a venture capital fund to commercialise innovation.
- Accelerate efforts to develop a strong defence ecosystem.
- Establish an overarching advanced manufacturing strategy.
Ensure a skilled workforce
- Build local workforces, especially in the clean energy and defence sectors.
- Advocate for a more accessible migration system.
- Accelerate options to improve housing stock.
- Address barriers for women and under-represented cohorts in the workforce.
Position WA as an attractive place to invest
- Continue to build our international trade and investment presence.
- Consolidate and coordinate campaigns that tell Western Australia’s story.
- Expand efforts to support SMEs to diversify.
How environmental approvals could trap Australian investment
Delays to environmental approvals for major projects in WA could jeopardise hundreds of billions of dollars in investment. CCIWA’s report highlights this and other concerns with our regulatory regime.
Reducing WA’s payroll
WA has the highest payroll tax burden of any state, putting WA businesses at a competitive disadvantage. CCIWA has the solution.
Local Venture Capital is a ‘must-have’ for innovation
The Western Australian Government has outlined an ambitious agenda for diversifying the State’s economy, and technology and innovation play a crucial role. To fast-track this, we need a better financing environment.