A budget for business | Business’ top five State Budget priorities
The state’s business community is looking to the upcoming State Budget for a commitment to reduce input costs and workforce challenge pressures as well as measures to support business confidence to plan and invest long-term.
Business Chamber Queensland’s FY24 State Budget Submission calls for commitments across five key policy areas to address business operating costs and complexities, infrastructure, workforce, sustainability and long-term legacy outcomes beyond the 2032 Olympics.
Business Chamber Queensland CEO Heidi Cooper said the budget priorities were formed using direct insight from businesses across the state and reflected both immediate and future business needs.
"This budget must be a budget for business,” Ms Cooper said.
“In Queensland we’re on the cusp of significant opportunities in the next decade and beyond.
“We’ve seen business operating levels return to pre-COVID standards and the state’s business community is ready to maximise every opportunity that we will see in our state over the next decade.
“At the same time businesses have told us they are facing a new set of challenges in 2023, with attracting and retaining the right people with the right skills the most significant constraint on business growth, as well as increasing costs like wages, energy, insurance and interest rates.
“These issues are impacting business growth while macroeconomic issues are impacting forward confidence in the state and national economies.
“It’s why we’re looking to the upcoming FY2023-24 State Budget for a strong commitment to businesses.
“This budget must have the state’s businesses at the forefront.”
Ms Cooper said key priorities for business ahead of the budget included reducing operating costs, barriers and complexities, and investing in efficient and resilient infrastructure to better service business needs and connect regions.
“We know more than half of businesses want to see initiatives to reduce operating complexities and regulatory burden in this budget,” Ms Cooper said.
“At the same time, we know business input costs like insurance, energy and interest rates are really impacting business’ ability to grow.
“Our data also shows insurance affordability and accessibility is impacting businesses across a range of industries and regions however those most impacted are in disaster affected regions.
“It’s essential businesses see some relief from the costs and complexities of doing business, and supported to invest in future-focused sustainable solutions.”
Ms Cooper said future-proofing the state’s asset energy base and transitioning to sustainable energy was one of the ways to deliver long-term energy affordability.
“We’ll also be looking for a focus on transport infrastructure to stimulate the economy and improve connectivity, digital connectivity to build resilient regional and metro economies and enhanced community resilience against impacts like energy, natural disasters and climate.”
State Budget FY24 business priorities
- Business friendly governments | Reducing operating costs and complexity, through deregulation and regulatory reform, addressing insurance affordability and availability, payroll tax reform, and digital advancement.
- Smart infrastructure | Building productivity and resilience through connectivity, by refocusing investment in transportation infrastructure, improving digital connectivity, transitioning to sustainable energy, and supporting resilience to extreme weather events.
- Skilled workforce | Supporting upskilling, emerging industries and markets, by incentivising upskilling and retraining, addressing labour and skills shortages statewide, and expanding existing workforce programs funding.
- Advancing sustainability | Developing and enhancing business practices for future sustainability, by supporting sustainable industries and business practices, expanding sustainable business programs, advancing the transition to sustainable energy, and boosting investment in sustainability research and development
- Queensland beyond 2023 | Creating growth opportunities for businesses domestically and internationally and legacy outcomes, through small business procurement, Brisbane 2032 infrastructure, ensuring regional opportunities, and advancing international trade opportunities.
Editors note
Business Chamber Queensland puts business first.
For 155 years we have represented businesses of every industry, every size and in every part of the state.
We are the state chamber of commerce, a not-for-profit organisation, with a rich legacy of putting Queensland business first, providing practical support backed by innovative thinking and powerful advocacy.
We help businesses prosper by supporting, educating and empowering them to capitalise on the extraordinary opportunities on offer in Queensland - now and into the future.