• Victoria Tourism Industry Council (VTIC)
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Media Release: Tourism to benefit from foreign investment push and small business support

12 /05/ 2015 Comments are Closed

 

Victoria Tourism Industry Council (VTIC) has welcomed a move by the Federal Government to ramp up Australia’s push as a foreign investment destination by dedicating more than $50 million towards promotional activities in key markets, in today’s federal budget.

The activities aim to attract investment in tourism, agribusiness and food, resources and energy, infrastructure, services, manufacturing and technology. The funding will enable the expansion of existing promotional activities, such as the Australia Week event held annually in China, United States, India and at the ASEAN conference.

A Free Trade Agreement online dashboard will also be established to assist Victorian businesses engaged in international trade.

VTIC Chief Executive Dianne Smith said the ongoing investment in key markets such as China and India was important to maintain the inbound visitation momentum that has been generated.

“Business investment is an important driver for both business and leisure travel. The funding provided in the federal budget will help strengthen and grow business ties between Australia and these large Asian markets, and our tourism industry will certainly benefit from this,” said Ms Smith.

The open skies policy allowing Asian airlines to fly to key tourist hubs such as Broome and Cairns will also help boost inbound travel to those regions and have flow-on benefit for Victoria.

The announced funding for the National Stronger Regions Fund will support the construction of new, and upgrade of existing, tourism-related infrastructure throughout Victoria.

Also welcome was the announcement that incorporated small businesses with an annual turnover of $2 million or less will receive a 1.5 per cent corporate tax rate cut. To ensure support is available for all small businesses, unincorporated small businesses (with annual turnover of less than $2 million) will be eligible for a 5 per cent tax discount up to $1,000 a year.

Small businesses will also be eligible for a new accelerated depreciation policy, allowing them to write off up to $20,000 in a year.

In addition, from July 2016, business start-ups will be able to immediately deduct professional costs associated with starting a business rather than writing them off over five years. Start-ups will also save time and money during registration, as the current fragmented process will be streamlined through a single online registration site.

“There are 73,000 tourism-related businesses in Victoria, and the majority of these are small businesses,” said Ms Smith.

“These measures to ease the cost of doing business and encourage investment will contribute to the growth and sustainability of our industry.

“Tourism has been identified as a growth sector at both state and national levels, and it is pleasing to see this, and our jobs potential, recognised and supported in the budget.”

A more detailed summary of tourism items in the 2015-16 Federal Budget is available here

VTIC

About the Author

VTIC

The voice of the Victorian tourism industry, representing key industry associations, operators and government agencies.

Media Manager:

Media enquiries: media@victorianchamber.com.au,

Anne Wright, Media and Communications Manager, (03) 8662 5310 / 0423 883 945

Ellana Katos, Social Media and Communications Advisor, (03) 8662 5205 / 0400 976 889

Events

february

28feb9:00 am3:00 pm2018 VTIC Visitor Economy Forum & Tourism Australia Industry Briefing9:00 am - 3:00 pm Melbourne Convention and Exhibition Centre

march

07mar5:30 pm7:30 pmVTIC 2018 Mixer Series - March Tourism Networking EventConnect and reconnect at our monthly mixers5:30 pm - 7:30 pm Novotel Melbourne St Kilda

15mar9:30 am5:30 pmTourism Australia's Destination Australia Conference 20189:30 am - 5:30 pm The Glasshouse

15mar5:45 pm7:30 pmVictorian Chamber presents: Business After Dark5:45 pm - 7:30 pm Roc's Bar

19mar9:00 am11:00 amDestination Melbourne presents: Tapping into Tourism9:00 am - 11:00 am Willis Room, Whitehorse Civic Centre

21mar10:30 am11:30 amVTIC Webinar Series: PR for Tourism Businesses - Telling your storiesImproving the world, one webinar at a time!10:30 am - 11:30 am

23mar7:45 am10:00 amVictorian Chamber presents: Grand Prix Breakfast7:45 am - 10:00 am Albert Park

april

04apr5:30 pm7:30 pmVTIC 2018 Mixer Series - April Tourism Networking EventConnect and reconnect at our monthly mixers5:30 pm - 7:30 pm Mercure Melbourne Treasury Gardens

18apr10:30 am11:30 amVTIC Webinar Series - Risk Management 101Improving the world, one webinar at a time!10:30 am - 11:30 am

may

02may5:30 pm7:30 pmVTIC 2018 Mixer Series - May Tourism Networking EventConnect and reconnect at our monthly mixers5:30 pm - 7:30 pm Mercure Melbourne Treasury Gardens

31may9:00 am5:00 pmDestination Melbourne presents: Melbourne LIVE9:00 am - 5:00 pm Arts Centre Melbourne - The Pavilion

july

30jul(jul 30)8:00 am31(jul 31)3:30 pmVictorian Tourism Conference 2018SAVE THE DATE8:00 am - 3:30 pm (31) RACV Cape Schanck Resort

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