"For some time we have been articulating the need to extend the threshold at which a small business pays the lower company tax rate, and the government has responded with very clear support for the small business sector," said Central West Orana & Far West NSW Business Chamber regional manager Vicki Seccombe.

"From July 1, the small business company tax rate will reduce to 27.5 per cent but more importantly, the turnover threshold increases substantially from an annual figure $2 million to $10 million.

"The threshold extends each year up to $100 million by 2019-20, meaning that more businesses will benefit from the reduced company tax rate and more importantly, a company won't be penalised for their ongoing successes.

"Australia is primarily a small and medium business economy but it has taken time for that to be fully recognised by our political decision makers.

"The Federal Government has rightly identified that sustainable jobs growth is going to be driven by the small business sector, and by providing a company tax rate cut this immediately provides small business owners the opportunity to employ those extra few staff members or take on an apprentice."

Ms Seccombe said the NSW Business Chamber also applauds a firm commitment to solving the youth unemployment crisis.

"For too long, youth unemployment has been tinkered with around the edges, and no political party seemed prepared to single it out as an issue that needs specific attention,"she said.

"However, it's going to take time to get right. There is no overnight solution.

"The three staged approach involves preparing young job seekers to enter the workforce, an internship programme enabling those job seekers to gain real work experience and at the same time receive additional funding from the Government with businesses receiving an upfront payment of $1000, while the final stage sees further bonuses eligible for businesses who ultimately hire these new staff."