Reports out this week confirm that business confidence in Victoria is alarmingly low under the Allan Labor government.
On Premier Jacinta Allan's watch, Victorian businesses struggle under some of the highest taxes in the country, and a prolonged period of high interest rates. Yesterday, the International Monetary Fund (IMF) warned that recent Australian state and territory budgets had proven 'more expansionary than expected,' preventing a reduction in interest rates before the end of 2024.
In addition, according to the Australian Securities and Investments Commission, business growth in Victoria has flatlined compared to all other mainland states. In the year to September, the average number of new Victorian businesses registering per 1000 existing firms was 80.5. Comparatively, all other states and territories had an average growth above 93 per 1000 existing firms.
Poor business growth in Victoria follows troubling data from theAustralian Bureau of Statistics in August, pointing to the closure of 152,650 Victorian businesses in 2022-2023.
Shadow Treasurer, Brad Rowswell, said: "On Premier Jacinta Allan's watch, business and investor confidence has plummeted in Victoria.
"We should be rolling out the red carpet for new businesses, instead we have a Labor Government desperately taxing and regulating them to extinction.
"Victoria is the least business-friendly state in Australia, with massive payroll and land taxes, which kill investment. On top of this, more than 150,000 businesses closed their doors in Victoria last year alone.
"Labor cannot manage money, cannot manage the economy and Victorians are paying the price."
