Seize opportunity to diversify, CCIWA says in Pre-Budget Submission

WA has outperformed much of the world over the past two years, but as the State moves into a new phase of the pandemic the Government must seize the opportunity to diversify the economy, CCIWA says in its Pre-Budget Submission.

The submission notes that WA is increasingly reliant on the resources sector, but “there is no greater incentive for business to invest in new industries than a low-cost, predictable and reasonably regulated economy”.

“Our State is not yet pulling the levers that would provide sustained, stronger growth and diversification,” it says.

DOWNLOAD: THE FULL PRE-BUDGET SUBMISSION

CCIWA’s recommendations reinforce a bolder economic reform, focusing on key actions that will reduce the tax burden, ensure a skilled workforce, foster innovation and investment, and re-integrate WA into the global economy.

Keep the costs of doing business low 

  • Reform WA’s payroll tax model to provide relief for small and medium enterprises
  • Make immediate changes to reduce the tax compliance burden
  • Arrest the creeping cost of workplace laws

Ensure a skilled workforce and efficient infrastructure

  • Boost women’s workforce participation by reforming kindy funding and addressing early childhood teacher shortages
  • Alleviate supply chain pressures by intervening in industrial disputes and addressing other bottlenecks
  • Allow all SMEs to choose their electricity retailer

Ensure regulation helps, not hinders, innovation and investment

  • 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

Position WA as an attractive place to invest

  • Get WA’s trade and investment commissioners back in market as soon as possible
  • Establish a trade and investment office in the United States
  • Develop a comprehensive WA investment deal book

To hear how the State Budget affects your business, register to receive a comprehensive presentation from Chief Economist Aaron Morey at a sundowner event just hours after the State Budget is released.

Related

2022-23 Pre-Budget Submission
Download our 2022-23 Pre-Budget Submission.
Read more »
Economic Insight
Download the latest Business Confidence and Consumer Confidence reports.
Read more »
Hardship grants available to more small businesses
More WA small businesses can now access the State Government’s Level 2 COVID-19 Business Assistance Package after adjustments were made to eligibility requirements.
Read more »