But he says that other parts of the eight-point Chamber of Commerce plan for economic growth, to put off a firm decision on price labelling, and adopting a three-year budgeting process, are less likely to succeed. A three per cent sales tax will be levied from April, and the Chamber, which represents more than 600 businesses, have called for the proceeds to be put into the States Stabilisation Fund and taken out only when the economy slumps. Senator Le Sueur has welcomed the Chamber of Commerce’s proposals for getting the most out of the recent economic growth, and particularly their support of his stance that the recent economic upswing should not delay the establishment of a three per cent sales tax. He said: ‘I welcome the Chamber of Commerce’s recognition that deferring GST will pose serious risks to local businesses. Sticking to our agreed plan and bringing in GST next April is essential if we are to protect the economy and maintain our current standard of living. I will also give serious consideration to the proposal that the initial GST revenues should be ring-fenced to protect against a downturn in the economy.’
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