CME will be aggregating results from the 2020-21 economic contribution survey request this month. We are currently tracking a response rate comparable to last year, but below our peak response rate the year prior. We are therefore still accepting last minute responses as we tidy up the sector’s total contributions to the WA and Australian economy. If you are unsure of your company’s participation to date, please reach out to survey@cmewa.com.
Upcoming Federal Budget
CME has lodged a letter of support to the fiscal and budgetary recommendations made by APPEA and MCA, ahead of the Federal Budget 2022-23 to be handed down on Tuesday 29 March 2022.
As economies worldwide seek to build back better from the health and economic impacts of the COVID-19 pandemic and compete to incentivise energy transition opportunities, now is the time to improve Australia’s international competitiveness to attract and secure capital investment, technological innovations and skilled talent. Australia’s recently affirmed AAA credit rating will support more favourable policy, regulatory and tax settings.
Some of the highlighted views and recommendations in our letter of support include:
- No changes to FTC or FBT
- Reduce the corporate income tax rate to the OECD average for all Australian businesses, acknowledging the G20 have agreed to a minimum rate of 15 per cent from 2023
- Expand depreciation-based incentives
- Continue deregulation reform efforts
- Promote a responsive, skilled labour market
- Improve supply chains by providing clarity on COVID-19 health protocols.
Long-awaited reform to local councils
CME is preparing an industry submission in response to the reform proposals released late last year by the Department of Local Government, Sport and Cultural Issues. As with previous submissions and inquiries, CME will continue to advocate for greater transparency and fiscal sustainability in regional and remote local governments.
Unlike other stakeholders, members have dealings with multiple local councils depending on the geography, size and duration of their projects. The inconsistency in rates setting, planning policies and governance is noticeable across the regions. The list of reform proposals is therefore very much welcomed by CME. Members interested in this consultation process, please ask L.Nguyen@cmewa.com to be added to the Local Government Interest Group distribution list.
