Budget plays to Western Sydney’s strengths on uneven playing field
Treasurer Jim Chalmers has delivered a tactical budget that plays to Western Sydney’s strengths in advanced manufacturing. But with Sydney’s west critical to the Government’s re-election bid, the budget does little to redress the region’s jobs, skills and wage inequities.
The Centre for Western Sydney welcomes the Albanese Government’s third budget, backing measures to leverage the region’s economic potential.
“This budget recognises Western Sydney is central to the success of nationally critical industry and infrastructure initiatives,” said the Centre’s patron and Western Sydney University Chancellor, Professor Jennifer Westacott AO.
“By capitalising on once-in-a-generation investments like the Western Sydney International Airport and partnerships such as AUKUS, we can amplify the very best economic and social attributes of Western Sydney in the national interest,’’ Professor Westacott said. “Together, we can unlock the region’s unlimited potential.’’
Western Sydney remains an intense election battleground with the rise of local independents, focussing voter attention on ‘kitchen table’ issues, fairness and integrity.
The Stage 3 tax cuts are no match for the impact of inflation in areas where it is most keenly felt. The Centre’s Chief Economist, Professor Neil Perry said, “Western Sydney as a whole receives $1,524 per earner, while the Rest of Sydney gets $2,037 per earner.”
“Promised cost of living relief for Western Sydney, instead highlights the structural inequity of our tax system,’’ Professor Perry added. “This will persist unless at-scale and better targeted measures are undertaken to redress the profound jobs and skills imbalance across Greater Sydney, and comparable parts of the country.’’
The pre-election budget includes $1.9 billion to improve transport connections in the region including $500 million for the Mamre Road Stage 2 and $400 million towards upgrading Elizabeth Drive.
“These connections are vital links for new skills and jobs for workers today and tomorrow as industries become increasingly global, specialised and driven by technology,’’ Professor Westacott said. “This long-range reform is critical to unlocking international investment, increased productivity and improved wellbeing for Western Sydney.”
Other budget measures position Western Sydney well. Professor Perry said, “Programs like Made in Australia have the potential to strengthen Western Sydney’s advanced manufacturing base, encouraging local industry to grow and be part of global supply chains.’’
“This is achieved by focussing on the areas where targeted investment will make the most difference in the community,’’ Professor Perry said.
“Creating future sovereign industries in Western Sydney, such as solar panels, semi-conductors, and batteries corrects some of the distortions that already exist in the economy, and in the process creates a more equitable Sydney with higher-paying, core-economy jobs in Western Sydney.’’
The Centre for Western Sydney’s detailed analysis of the budget and its impact on Australia’s fastest growing and most diverse region can be found here (opens in a new window).
ENDS
15 May 2024
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