The Federal Government’s Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure Australia’s future, including in Nicholls.
Federal Member for Nicholls, Damian Drum, said under the plan, taxpayers in Nicholls will get a tax cut – backdated to July 1 this year.
“This means more money for local households to assist with the cost of living, but also to help generate economic activity and create jobs,” Mr Drum said.
The Budget announcements build on the Federal Government’s unprecedented investment in the health and economic response to COVID-19.
By bringing the Budget back to balance for the first time in 11 years and maintaining Australia’s AAA credit rating, the Federal Government entered the crisis from a position of economic strength, providing it with the fiscal firepower to respond when the country needed it most.
Since the onset of the pandemic, the Federal Government has provided $257 billion in direct economic support to cushion the blow and strengthen the recovery.
The 2020/21 Budget commits a further $98 billion, including $25 billion in direct COVID-19 response measures and $74 billion in new measures to create jobs.
“We’re supporting Australians to get back to work and businesses to rebuild, grow, and create jobs,” Mr Drum said.
The JobMaker Hiring Credit will be payable immediately to employers who hire eligible employees.
This Budget is investing a record amount in skills and training to ensure job seekers in Nicholls have the skills they need to get a job.
“We are also further assisting first home buyers and the construction sector by extending the First Home Loan Deposit Scheme to another 10,000 places and providing an additional $1 billion of low cost finance to support the construction of affordable housing,” Mr Drum said.
“The Federal Government is investing in our sovereign manufacturing capability to ensure we have an internationally competitive and resilient manufacturing sector, and in the process create more high value jobs”.
Further, the Government’s incentives for businesses to invest in their business will create more economic activity and jobs in Nicholls.
“Tax relief for Nicholls businesses includes allowing 99 per cent of businesses to deduct the full cost of depreciable assets in the year they are installed, and allowing companies with a turnover of up to $5 billion to offset losses against previous profits on which tax has been paid to generate a refund,” Mr Drum said.
“We will also simplify access to credit for households and small businesses, to support the economic recovery.”
The Federal Government is also delivering record infrastructure investment, expanding our record 10-year infrastructure pipeline to $110 billion, and supporting a further 40,000 jobs nationally.
This includes $320 million to complete the third and final stage of the Shepparton rail line upgrade project.
Mr Drum said the investment would have significant benefits for the region. These include the creation of 990 jobs (based on Federal Government estimates), improved passenger and freight rail services, and improved connectivity between people with jobs and services, and goods with markets.
“In addition to this $320 million investment, the Federal Government is investing $7.5 million for the delivery of a business case for improved rail services from northern Victoria into Melbourne’s CBD,” Mr Drum said.
The Budget also includes a $2 billion investment in road safety upgrades to save lives and an additional $1 billion to support local councils to immediately upgrade local roads, footpaths and street lighting to create jobs now.
Read more: www.nationals.org.au/budget2020/