COVID-19 Fiscal and Economic Review


This morning the Treasurer delivered the Mid-year Economic Review. You can find the full document here:


Today’s Mid-Year Economic Financial Review contains tangible support for small business said the Chamber of Commerce and Industry Queensland (CCIQ).


The extension of the payroll tax waiver, land tax rebate and rent relief will provide some additional immediate relief which is needed by business as they continue through the COVID-19 recovery.


Especially welcomed is the new investment fund which will give Queensland’s small and medium businesses opportunities to scale-up, diversify and grow as it is business who holds the key to Queensland’s economic recovery.


However, to maximise these investment and stimulus measures, there needs to be further easing of restrictions to allow businesses to open up and operate at more viable levels.


CCIQ economist, Jack Baxter stated the review gave business some transparency surrounding the government’s planned expenditure on the road to economic recovery.


“The transpiring COVID-19 crisis has not been a time for tightened government spending. Without large volumes of government spending today we risk the ability to rebuild and recover for tomorrow,” said Mr Baxter.


“Increased short term borrowing and investment is also in line with monetary policy objectives following the continuance of Australia’s record low cash rate target of 0.25%.


“The new ‘Backing Business Investment Fund’ is also a positive step forward in supporting business to scale up and grow, and we will be looking forward to more details on how the fund will operate.


“The Treasurer also spoke of Queensland’s ‘diversified economy’ with the extent of losses softened by primary producing industries.


“However, it is argued that Queensland’s reliance on primary industries in the past has resulted in overlooking necessary policy changes and support required for small businesses that were confirmed to be amongst the hardest impacted by the crisis.


“What we now need to see more on is how the government plans to manage the health crisis without adding harm to service-based industries which the treasurer confirmed as being the hardest hit,” said Mr Baxter.


CCIQ’s priorities for the upcoming election include transforming Queensland’s economy for resilience, efficiency and productivity, that will drive a more diversified small business sector.


CCIQ looks forward to working with all sides of government in managing the shared interest that is the management and recovery from COVID-19.


CCIQ media statement  7/9/20

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