Little business support from Federal Budget
In the usual Budget review, Mr Rodney Hamdan, President of the Australian Arab Business Council (AABC), provided a comprehensive analysis of the federal budget, delivered 24 hours earlier by Federal Treasurer, Jim Chalmers. Mr Hamdan said while the budget appeals to the labor base of the government it does little for businesses.
The budget seems to take a short-term view, said Hamdan. “It hopes for the best and doesn’t prepare for the worst”. There was no clear plan to tackle inflation, tax reform and no incentive for business investment, especially in the area of manufacturing, he added. In fact, there was next to nil support for business which are facing their greatest challenges of increasing interest rates, higher wages, greater cost of materials and growing freight cost. “We are at the lowest level productivity and business investment in a decade”.
Mr Hamdan was addressing a full room of business people at the monthly dinner of the Australian Arab Business Council (AABC) at the Villa Blanca in Bankstown.
The next monthly dinner of the AABC will address the very important topic of cyber security and will be held on Wednesday 14 June 2023 at the Villa Blanca, Bankstown.