worst state in which to do business.
We've witnessed a slow, steady and universal decline – across timeframes, tax settings, costs and general regulation. During a period where the numbers employed by the Victorian Government public service has skyrocketed.
It's more and more resourcing for ever–worsening performance.
According to BCA CEO Bran Black :
"Victoria has some of the least competitive property tax settings, payroll taxes and business licensing requirements in the country — it fundamentally needs to look at how these are holding back its economy," .
Those I talk to from other states echo this sentiment. They say you'd be "crazy" to choose Victoria to set up a #business today, compared with other parts of the country.
#Development industry peers are increasingly investing outside of Victoria, some vowing not to return until there are fundamental improvements. Not ideal when you are trying to build 80,000 homes per year!
Victoria has some good fundamentals, but it also needs to remain competitive with other Australian states and across the globe. Government must stop acting like there are no alternative choices in today's interconnected world.
We have lost the investment attractiveness we had for so long, with a clear loss of confidence from business in the ability for the State Government to facilitate rather than hinder. This is showing across many data points, such as those pointed out by Saul Eslake last week.
Meanwhile, South Australia leads the rankings, followed by Tasmania, ACT and the NT.
🤔 I'd like to be more positive about my home state of Victoria, but there is a long, troubling period ahead before the current situation can begin to be reversed.