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NSW Budget builds for the future

June 19, 2013 Association No Comments Email Email

The New South Wales Government’s Budget for the 2013/14 financial year continues the necessary steps to build for the future, the General Manager of the Tourism Industry Council NSW, Mr Andrew Jefferies has said.

The third budget of the O’Farrell Government, handed down by Treasurer Mike Baird announced an increase in forecast economic growth to 2.5% over the coming year and a reduced deficit to $329 Million.  Containing a range of measured and responsible steps that will build for the future, it contained three key objectives;

·         Ensuring that expenditure did not exceed revenueSidebar-Banner-GTM_Specs--250x250-A

·         Reduces taxation on jobs by increasing the payroll tax threshold

·         Delivers $60 Billion to improve new and existing infrastructure

The Minister for Tourism & Major Events, George Souris noted “ the total 2013-14 budget for Tourism, Major Events and Business Events in New South Wales is $130 Million. This amount includes the operations of Destination NSW, $56 million allocated to securing major events across arts, culture, lifestyle and sports including the Handa Opera on Sydney Harbour, the British and Irish Lions Tour, the Port Macquarie Ironman series and many others”.

“The Tourism Industry Council NSW also welcomes this budget’s announcement of the reduction in payroll tax burden for many of the tourism industry’s small businesses. By increasing the payroll tax threshold from $689,000 to $750,000 per annum, around 1,300 fewer businesses will need to pay this tax, with the remainder receiving an average tax cut of around $3,000 per annum”, Mr Jefferies said.

“New infrastructure delivery is also vital to the tourism sector in New South Wales and the Council welcomes the headline figure of $60 Billion that has been partially funded from the sale and long term lease arrangements of Port Botany and Port Kembla.  These new funds will deliver upgrades to some of our major regional highways and motorways such the Princes Highway on the South Coast, the Pacific Highway duplication on the North Coast, local roads on the Central Coast and funds towards the commencement of the WestConnex motorway in Sydney”.

“The Council believes this budget as one that is measured and responsible and builds for future growth and demand”.

For further comment please contact Tourism Industry Council NSW General Manager Andrew Jefferies on (02) 9267 6865.

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