Victorian businesses continue to pay the price for the incompetence of the Allan Government with new figures revealing Victoria has suffered the largest fall in business registrations in the nation.
Quarterly data released today by the ABS revealed there were nearly 3000 fewer businesses in Victoria in the December 2023 quarter.
This significant decrease comes on top of a total of 7,606 businesses lost in Victoria across the 2022-23 financial year – the only state or territory to have recorded a fall in business registrations over this period.
Victorian businesses are battling the highest taxes in the country with 53 new or increased taxes from Labor since 2014. These tax hikes on Victorians come at a time when they can least afford it with soaring costs to energy prices, property and everyday goods and services.
Shadow Treasurer, Brad Rowswell, said: “Under Jacinta Allan, Victoria is broke. Labor can’t manage money and businesses are paying the price.
“Today’s figures confirm that Labor’s financial mismanagement and record taxes are pushing many Victorian business to breaking point.
“Under Labor, Victoria lost almost 1000 businesses a month towards the end of last year, each one taking local jobs and economic opportunity with them.
“Small businesses are the engine room of Victoria’s economy and with Labor’s debt heading towards $200 billion we need new measures to support and grow, not punish, local businesses.”