Federal Member for Nicholls, Damian Drum, has praised the Federal Government’s plan to secure Australia’s economic recovery from the COVID-19 induced recession.
Mr Drum said the Nicholls electorate will significantly benefit from the measures announced last night by Treasurer Josh Frydenberg.
“This Budget will continue the rebuild of our economy and create more jobs to ensure we come back stronger than ever,” Mr Drum said.
“Australia entered the COVID-19 crisis from a position of economic strength, providing us with the fiscal firepower to support communities across Nicholls when they need it most.”
As part of the COVID-19 response, the Federal Government has committed $291 billion – or 14.7 per cent of GDP – in direct economic support for Australians.
More than 10 million low and middle income earners will get an additional tax cut, benefitting almost 60,000 taxpayers in Nicholls who will receive up to $1080 for individuals or $2160 for couples.
“This is more money for people to spend locally, providing the confidence for Nicholls businesses to take on an extra worker, offer an extra shift, or buy a new piece of equipment,” Mr Drum said.
To support further job creation, the Federal Government will continue the instant asset write off to help businesses invest. This will allow more than 99 per cent of businesses, employing 11.5 million Australians, to deduct the full cost of eligible assets in the year they are installed until June 30, 2023.
Additionally, around 4400 businesses in Nicholls will be able to use the extended loss carry back measure to support cash flow and confidence.
Mr Drum said an additional $250 million has been set aside next financial year for a sixth round of the Building Better Regions Fund.
“Our region has already benefited from previous rounds of the BBRF, most recently with funding of more than $8.5 million for the imminent redevelopment of Shepparton’s Maude Street Mall,” Mr Drum said.
“Another local project to benefit from the BBRF was the recently opened Cobram Community Cinema, which received $526,650 funding via round three.”
The Budget provides an additional $1 billion for the highly successful, now $2.5 billion Local Roads and Community Infrastructure Program. The Federal Government has already approved funding for more than 20 LRCI projects in the Nicholls electorate – collectively worth $14.5 million.
An injection of $130 million will improve internet and phone connectivity in regional and rural communities, further driving Australia’s regionally-led recovery. Murchison and Rushworth recently received a $4.5 million boost as part of this Regional Connectivity Program.
Agricultural investment, in line with the Federal Government’s Ag2030 plan, will benefit farmers in Nicholls. Initiatives include $400 million to strengthen biosecurity, $32 million to extend opportunities to reward farmers for the stewardship of their land, $30 million to grow the agricultural workforce, $15 million to improve trade and market access, and $130 million to deliver a National Soils Strategy.
The Federal Government is doubling its commitment to the JobTrainer Fund to support a further 163,000 new training places to upskill job seekers and meet skills shortages. The Budget also funds more than 170,000 new apprenticeships and traineeships, and 5000 higher education short courses.
Mr Drum said the Federal Government is building the infrastructure Nicholls needs for the future, with a record 10-year, $110 billion national infrastructure pipeline, which is already supporting 100,000 jobs across the country.
Safety barriers will be installed between Seymour and Shepparton at a cost of $28 million.
To cut the cost of living for families in Nicholls and to help boost workforce participation, the Federal Government is making an additional $1.7 billion investment in childcare:
- Increase the childcare subsidies available to families with more than one child aged five and under in childcare, benefitting around 250,000 families nationally;
- Abolish the $10,560 cap on the Child Care Subsidy, benefitting around 18,000 families;
- For those families with more than one child aged five or under in childcare, the level of subsidy received will increase by 30 percentage points to a maximum subsidy of 95 per cent for their second and subsequent children.
The Federal Government is also delivering a record $17.7 billion investment in aged care. This includes another 80,000 new home care packages (bringing the total to 275,000) and supports 33,000 new training places for personal carers, higher payments for residential care, upgrading care in regional areas, and stronger regulation.
Also on health, more than $65 million will be invested from January 1 next year to boost bulk billing rebates and provide more affordable healthcare for patients in regional, rural, and remote areas.
The Federal Government is also delivering an unprecedented boost to services supporting women, children and Australians who rely on our social security safety net.
This includes providing a new escaping violence payment to women leaving a violent relationship, transitional funding to prevent, reduce and respond to domestic, family and sexual violence during the development of the new National Plan to End Violence Against Women and Children, and a permanent $50 per fortnight increase in the base rate of working age payments.
For more information, visit: www.budget.gov.au