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In the June 2024 Tax Insights survey, we asked does the 2024-25 State Budget in your state adequately address the rising costs of doing business?
Key Insights
Victoria
In Victoria, only 26% of respondents believe that the 2024-25 State Budget adequately addresses the rising costs. This suggests that a significant majority of Victorian businesses are concerned that the budget falls short in providing the necessary support.
New South Wales
New South Wales shows the highest level of approval among the states, with 39% of respondents indicating that the budget sufficiently tackles their business cost concerns. However, this still leaves a majority of businesses feeling that more could be done.
Queensland
Queensland businesses expressed the least confidence in their state budget, with a mere 5% agreeing that the budget adequately addresses their cost challenges. This overwhelming dissatisfaction highlights a critical need for more targeted financial relief.
South Australia
In South Australia, only 7% of business owners feel that the state budget is effectively mitigating the rising costs of doing business. This low level of approval underscores a widespread sentiment that current measures are inadequate.
Western Australia
Western Australia fares slightly better than some other states, with 23% of respondents believing that the budget adequately addresses their business concerns. While this is an improvement over Queensland and South Australia, a majority still remain unconvinced.
Conclusion
The survey results indicate a general dissatisfaction across most states, with New South Wales leading in terms of budget approval, but still falling short of a majority. The data suggests that there is a strong demand for more robust and targeted budgetary measures to support businesses in navigating the challenging economic landscape.
