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
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