• 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 peak body for Victoria's tourism and events industry, VTIC represents key industry associations and operators, with over 1400 members.

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

july

20jul9:00 am11:00 amVictorian Chamber presents: ignite+VU9:00 am - 11:00 am MCG

30jul(jul 30)8:00 am31(jul 31)3:30 pmVictorian Tourism Conference 201830-31 July, Cape Schanck8:00 am - 3:30 pm (31) RACV Cape Schanck Resort

august

01aug5:30 pm7:30 pmVTIC 2018 Mixer Series - August Tourism Networking EventConnect and reconnect at our monthly mixers5:30 pm - 7:30 pm DoubleTree by Hilton Melbourne

15aug6:00 pm8:00 pmYoung Tourism Network presents: Grow and Glow6:00 pm - 8:00 pm Victoria University

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28aug9:00 am12:00 pmDestination Melbourne presents: Transformative Technology Workshop9:00 am - 12:00 pm Citadines on Bourke

september

05sep5:30 pm7:30 pmVTIC 2018 Mixer Series - September Tourism Networking EventConnect and reconnect at our monthly mixers5:30 pm - 7:30 pm DoubleTree by Hilton Melbourne

11sep9:00 am5:00 pmDestination Melbourne presents: The Exchange9:00 am - 5:00 pm

october

16oct6:30 pm8:00 pmYoung Tourism Network presents: Emotional Intelligence with Mel Neil6:30 pm - 8:00 pm Victoria University

november

22nov6:00 pm11:00 pm2018 RACV Victorian Tourism Awards – Gala CeremonySave the Date6:00 pm - 11:00 pm Palladium at Crown Dress Code: Black Tie

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