Bread and butter Budget 2023 leaves only crusts for business

EMA Chief Executive Brett O’Riley says Budget 2023 spreads the butter pretty thinly across the bread of the economy and really only leaves the crusts for business.

"This is a budget for recovery rather than growth or the transformation of the economy, which is most needed for business," he says.

"We were holding out hope for some well-funded initiatives to stimulate investment that enables innovation, like accelerated depreciation for hardware and software that would drive productivity."

Mr O’Riley says the EMA is pleased with the immediate and multi-year approach to fixing and funding new infrastructure to connect key areas of the country, but is keen to see detailed plans of priorities.

"While it’s heartening to hear the Government is now not expecting the shallow recession indicated by previous forecasts, this seems to rely on Government spending to drive economic growth and reduce inflation," he says.

Additional investment in skills and training is also welcomed, particularly the extension of the Apprenticeship Boost, but that does not address critical skills shortages quickly enough and other solutions still must be sought.

"We didn’t expect much and we didn’t get much. There must be an integrated but also more immediate approach to deliver the pipeline of skilled people we need now and into the future," says Mr O’Riley.

"It’s appropriate that there is more support for core services and our communities, but business is what makes the economy go around."