By Paul Nicolaou | Executive Director, Business Sydney
Business Sydney says the NSW government’s announcement of a proposed increase in gaming taxes on Sydney’s two casinos should have been preceded by the normal period of consultation and engagement before going public.
“Any decision on increases in state taxes or other costs of doing business should always involve prior consultation and engagement with the businesses most affected in order to inform on the wider impacts of any change in government policy,” said Paul Nicolaou, Executive Director of Business Sydney.
“The effect of the proposed raising of taxes on jobs, future capital investment and the ability to grow the tourism and entertainment sectors has yet to be fully explored and considered.”
“This has the potential to jeopardise investment in Sydney’s future entertainment, hospitality and accommodation assets.”
“The CBD needs all the help it can get in attracting visitors from Greater Sydney, interstate and overseas as the after-effects of Covid linger for longer than expected – especially on international visitor numbers.”
“Also, many Australians’ superannuation is invested in the Star through its major stakeholder Hostplus and with the casino’s share price dropping 25% already since the government’s planned tax increases were unexpectedly announced on Sunday, the fund’s members will be severely affected.”