Federal Budget has family focus, but the South Australian Business Chamber can see that there are opportunities for South Australian business.

The South Australian Business Chamber CEO Andrew Kay is not surprised by the heavy focus on families in tonight’s budget but can see that there are opportunities for South Australian business.

“There are some important parts to the Federal Budget that are positive for the South Australian business community. We are pleased to see the high levels of investment in vocational education and university placements because they will give us the skills that we need in the medium term. For example, fee-free TAFE in industries and regions with skills shortages.

“Importantly, there are programs starting in 2022/2023 that will help right now. This budget gives pensioners the choice to continue working more without their pension being affected. It also provides significant increases to the child care subsidies that will allow more parents to return to the workforce. 

“The previous announcement that migration intake would increase from 160,000 to 195,000 has been supported by an additional $42m towards extra visa processing staff coming onboard, meaning employers can look to bring the skills they need into Australia with greater confidence. The extension of the relaxation of student visa work restrictions until 30 June 2023 has the potential to alleviate current labour shortages.

“Although it will take a while before the new housing stock is ready, the New Housing Accord commits an initial $350m for another 10,000 new affordable housing. Once we know where these are to be located, it will really help those regions where the lack of housing is preventing the right skills being available in the regions.

“Small business owners will continue to have a 20 per cent tax deduction on training and digital technologies. Following a challenging time during COVID-19, there will now be $15m for targeted mental health support and a debt management advice.

“South Australia has been specifically awarded funding for a number of initiatives:

• The Government will provide $135.5 million over four years from 2022/2023 to continue to support Australian industry to develop domestic manufacturing capabilities and upskill the manufacturing sector workforce. Funding includes: $10.1 million to support Flinders University Factory of the Future in South Australia. 

• $460m for projects in SA, inc $400m for the SA component of the Freight Highway Upgrade Program.

• The Federal Government will also establish a South Australian Defence Industry Workforce and Skills Taskforce, within the existing resources of the Department of Defence, to support the growth of a skilled defence industry workforce in South Australia.

• The Government will provide $200.0 million over 6 years from 2022/2023 for the building and construction opportunities to expand the Flinders Medical Centre and for upgrades to the Repat Health Precinct in Daw Park in partnership with the South Australian Government.

• $77.0 million over 5 years from 2022/2023 to contribute to the establishment of the Bragg Comprehensive Cancer Centre in Adelaide. The centre is an extension of the Australian Bragg Centre for Proton Therapy and Research at the South Australian Health and Medical Research Institute.

“We are interested to hear more about the $1b climate mitigation fund and the SME energy efficiency grants. From a regional perspective, South Australians will see benefit in the $1.9b Powering the Regions fund to transition to greener energy options, and the $2.4b into the NBN.

“As always, we will take a few days to get into the detail of this so we will keep our members and the broader business community informed.”

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