Victorian budget a risk to recovery

Original article by Rachel Baxendale, Geoff Chambers
The Australian – Page: 1 & 6 : 21-May-21

The Victorian government’s May 2021 Budget shows that the state’s net debt will blow out to $156.3bn by mid-2025. However, the government has confirmed that the state’s deficit for 2020-21 will be much lower than previously forecast, at $17.4bn. The key measure announced in the Budget is a payroll tax surcharge of 0.5 per cent on businesses with a wages bill of more than $10m; this will rise to one per cent for businesses with wages costs of more than $100m. The surcharge is slated to raise $387m in 2021-22 and about $3bn over four years, with the proceeds to be used to finance a $3.8bn mental health package. The levy has been criticised by business leaders and federal Treasurer Josh Frydenberg, who warn that it will cost jobs and undermine the national economy’s recovery from the pandemic.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

Labor pledge to boost jobs and reduce payroll tax

Original article by Richard Willingham
The Age – Page: 2 : 7-Oct-14

Victorian Opposition Leader Daniel Andrews has unveiled some policy initiatives ahead of the November 2014 election. He says an Australian Labor Party givernment will provide companies with incentives to hire the unemployed, including payroll tax rebates. Andrews aims to create 100,000 new jobs via these measures, but Treasury Michael O’Brien warns that Labor policies such as plans to scrap the East West Link project will cost jobs

CORPORATES
AUSTRALIAN LABOR PARTY, VICTORIA. DEPT OF TREASURY AND FINANCE, ACTU, VICTORIAN EMPLOYERS’ CHAMBER OF COMMERCE AND INDUSTRY, THE AUSTRALIAN INDUSTRY GROUP, VICTORIAN FARMERS FEDERATION