Everything You Need to Know About the 2024 NSW State Budget
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The NSW Government have announced the 2024 NSW State Budget today with a range of decisions that affect the automotive industry.
Here is a breakdown of the budget.
What We Liked
Funding for EV Infrastructure
The NSW Government will invest:
• $149 million to co-fund EV fast chargers.
• $105 million to support businesses to purchase EV and charging infrastructure.
• $20 million to co-fund EV chargers at regional tourist destinations
• $10 million for kerbside EV chargers in metro NSW
• $10 million to co-fund EV ready buildings in apartment buildings.
The NSW Government will fund a further $263.5 million for the rollout of an updated EV strategy.
Rego Rebate for Apprentices
The NSW Government will provide a $100 rebate for 1st and 2nd year apprentices to assist with motor vehicle registration.
Small Business Tax Exemption
An exemption is provided to small businesses for insurances including commercial vehicle, professional indemnity and product liability, costing $95 million in 2024/25.
Services NSW Business Bureau Additional Funding
The NSW Government has allocated an additional $5 million to the SBB in 2024/25.
Heavy Vehicle Rest Areas
The NSW Government has committed $28.6 million for the heavy vehicle rest area program.
Extension of the Energy Bill Relief Fund
The energy bill relief fund has been extended for the year 2024/25, providing $235 for eligible small businesses.
Where We Need More Clarity
Tax Exemption for Demonstrator Vehicles
An exemption is granted to licensed motor dealers and wholesalers for new demonstrator motor vehicles costing $112 million in 2024/25. While MTA NSW is happy this exemption continues, we believe this exemption would be better used for new electric vehicles.
What We Didn't Like
Investment In Upskilling
There is a lack of clarity regarding the funding for upskilling the automotive workforce in new technologies. MTA NSW will continue to work with the government on their new EV strategy to ensure that upskilling is included.
Skills Shortage Funding
No new announcements in this budget to address the skills shortage in the automotive sector in NSW.
We are pleased to see that some of our recommendations from the MTA NSW Budget submission have been incorporated, specifically the investments in EV infrastructure and the continued commitment to training the future automotive workforce. These are steps in the right direction for our industry’s evolution.
However, there remains ambiguity regarding the allocation of certain funds. MTA NSW will persist in our advocacy efforts, ensuring that necessary funding is secured to upskill our entire workforce, with a keen focus on emerging technologies.
Additionally, the budget introduces new tax concessions for small business owners, which we believe will provide some relief and support during these tough times.
We are also optimistic about collaborating with the government on a revised EV strategy, which will further enhance our industry's transition to new and sustainable technologies.
We will keep you updated with any critical information as we continue to break down the budget.
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