MORE businesses, in a range of sectors, will need additional financial help to survive as the economy slowly reopens over the remainder of 2021, says the Canberra Business Chamber in response to the release of 2021/22 ACT Budget. 

The Chamber’s comments come after the ACT government handed down the budget this afternoon (October 6).

And while the Chamber welcomed an increased focus on support for small business, such as new funding to support tourism, events, and the arts, it said more needed to be done.

“There are 30,000 private businesses in the ACT,” said Canberra Business Chamber CEO Graham Catt.

“The vast majority are small enterprises that are the passion and the life’s work of their owners. It is these businesses, not the public sector, that now provide over 60 per cent of the territory’s jobs.”

“Many were hit hard by COVID-19 in 2020, then even harder again in 2021, and we have seen jobs lost and businesses closed.

“Now is the time to do everything possible to protect and then create jobs in the private sector. Only in this way will we drive the economic diversity, growth and local champions needed for a sustainable economy.”

The announcement of $320,000 to develop a strategy to attract workers to specific industries is a welcome initiative, but the chamber warned that the ACT needed more than a marketing plan.

“Articulating a future vision for the number and nature of Canberra businesses, and then planning for future workforce needs is critical,” Mr Catt said.

“That means setting clear targets for growth across industry sectors, and developing education and training in the ACT, as well as strategies to attract skilled people in specialist areas.”

The Chamber said that now is the time for long-term thinking about how to manage key areas like skills, education, regulation, taxation and planning to support economic growth and job creation.

“The world is changing rapidly, and Canberra is competing globally and domestically for the business investment and skills we need. Clear plans, developed through genuine engagement with industry, will be critical to our future,” Mr Catt said.