Tourism marketing and infrastructure development are winners from this weeks budget. The $35.1 million package to boost Victoria’s profile in interstate and international markets is welcomed by the tourism and hospitality sector.
When the Association was asked for an industry comment, Todd responded that “This is a favourable budget for both small business and state tourism, however funding for tourism has fallen significantly from last year”
“Investment in tourism marketing will clearly benefit the hospitality sector, especially the $13.3 million for destination marketing of regional Victoria” he said.
Key international markets will be targeted with $8 million to promote Victoria as a great place to visit as well as attracting additional air services to Melbourne. The business events sector will also benefit with $13.8 million to enhance Victoria’s credentials as a world-class business events destination.
Restaurant & Catering Victoria welcomes other key budget announcements including reductions in a range of business taxes and charges:
Stamp Duty tax brackets have been adjusted on business property purchase the value of property transferred Duty paid from 1 July 2008.
Up to $25 0001.4% of the value of the property
$25 001 - $130 000$350 plus 2.4% of the value in excess of $25 000
$130 001 - $960 000$2 870 plus 6% of the value in excess of $130 000
$960 001 and over5.5% of the value of the property
Payroll Tax will fall from 5.05% to 4.95%, this will commence from 1 July 2008 and Work Cover premium will also fall to 1.387 % of an employer’s payroll.
Other state government spending has been announced in the area of business skills investment ($94 million)
