Government must use strong financial position to help business recovery

Release Date: 14/08/2020
Figures released by the Premier today show that the State is in a much stronger financial position than expected, said Tasmanian Chamber of Commerce and Industry CEO, Michael Bailey and this meant the Government can now do more to help the business sector drive Tasmania’s economic recovery, especially in areas such as payroll tax and power bills.
“Considering we’re in the middle of a pandemic and a recession, the State’s finances are in surprisingly good health,” Mr Bailey said. 
“While the budget is in deficit, it could have been much, much worse and it’s a testament to the strong leadership of the Premier and his Government that we are in this position.
“The revised forecasts also show that unemployment levels will not be as bad as first expected.  While that’s good to a point, there are still tens of thousands of Tasmanians who have lost their jobs, had their hours cut or who don’t have the job security they did this time last year.
“Tasmania’s economic recovery will be driven by the business community.  That’s why we need the Government to provide as much support as possible.  With the State’s finances in a relatively strong position, the Government needs to look at what else it can do to prime the business sector for a quicker recovery.
“We believe that the Government should look to extend the payroll tax holiday for at least the 2020-21 financial year.  We also believe the Government should look to reduce power prices to help stimulate the economy and provide real relief for the many Tasmanians that are doing it tough this winter.”

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