IBC welcomes Positive State Budget

The Illawarra Business Chamber, says that the 2010-11 Budget has provided the state & region with announcements designed to improve economy of the Illawarra.

The IBC welcomes in particular, 2 initiatives that were in the IBC's Infrastructure Catalyst Project policy paper, being:

* $25 Million over 3 years in improving Picton Rd
* $500 Million committed funding to upgrade Princes Hwy

Other welcomed initiatives for the region in the 2010-11 State Budget included:

* Two cuts to payroll tax - 5.5% from 1 July 2010 and 5.45% from 1 January 2011,
* Increase in payroll tax threshold from $638,000 to $658,000 on 1 July 2010,
* $2 million in funding for vocational training & education.
* Abolition of the insurance protection tax from 1 July 2011,
* A Comprehensive Housing Supply Strategy that will introduce zero stamp duty for off-the-plan purchases of new homes up to $600,000 (a potential saving of $22,490 per home),
* A 25% stamp duty cut on newly constructed homes,
* Zero stamp duty for over-65s who sell their family home or downsize to a newly constructed home worth up to $600,000,
* An additional $40 million for the Major Investment Attraction Scheme to attract large `footloose' projects to NSW: and
* A $75 million defence industry package.

This is more than an election budget - it is actually a good Budget. It seeks to create workable solutions to issues around business costs, developing skills for our youths via traineeships & apprenticeships and investing in transportation and infrastructure.

The announcement of the improving the Berry by-pass and Gerringong section of the Princes Highway - $500 million over 4 years, with $26 million in 2010/11 for planning, is good news and should improve the conditions on an essential thoroughfare.

The IBC has been lobbying for a long time on improving Picton rd, as it is an accident black spot. It was essential to improve as accidents would have only increased with additional traffic from the expansion of the Port and near-by housing.

It is great news that the NSW Government is forecasting a $773 million surplus for 2010/11. We understand the 1.7 billion being spent in the Illawarra is also a record for the region, and we welcome the spending as the Illawarra is a major contributor to the NSW economy.

We also welcome the announcement about traineeships and apprenticeships for young people and welcome addition $2 billion for vocational training and education.

The additional 145,000 apprenticeship places will support the Federal Government's Kickstart program. It is also great news that Picton High will get a new trade school and Illawarra high schools will get additional funding for careers advisers.