Urban Taskforce CEO, Tom Forrest, today expressed concern over the NSW Treasurer Matt Kean’s public statements over the weekend regarding plans to introduce higher taxes for casinos without going through a consultation process with the industry.
Over the weekend, the Treasurer surprised industry by proposing raising $364 million over the next three years from an increase to the tax covering gaming tables and poker machines.
There is the very real chance that the unilateral announcement of the possibility of changes to the tax regime will threaten planned investments. Thought bubbles may be good politics but they have real consequences for companies and for investment decisions.
Though there are significant positive steps in the right direction coming from the Premier and Minister for Planning, the planning system in NSW is treacherous enough without surprise changes being announced which undermine the confidence that the commercial sector has in the Government
Urban Taskforce has been advised that these changes have been announced without consultation with the industry, nor an appreciation of potential impacts on capital investment and employment.
Casinos represent significant contributors to the development of the urban environment and should be consulted prior to the making of announcements.
Planned public domain investments which have years in the making could now be at risk with the NSW Government’s unilateral announcement over the weekend.
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