Wednesday, 7 October 2020

Economic recovery plan delivers for Hinkler households, businesses and industry

A plan to create jobs, rebuild the economy and secure Australia’s future was unveiled in last night’s Federal Budget.

Federal Member for Hinkler Keith Pitt said the Economic Recovery Plan will provide an additional $98 billion in direct economic support to rebuild the economy following COVID-19, bringing the total commitment to the COVID-19 response to $257 billion.

“The Morrison McCormack Government has already provided unprecedented investment in the health and economic response to COVID-19 and the Budget continues to support households, businesses and industry,” Mr Pitt said.

“Under the plan, taxpayers in Hinkler will get a tax cut backdated to 1 July this year.

“This means more money in the pockets of local households to assist with the cost of living, but also to help generate economic activity and create jobs.

“As well as retaining the low and middle income tax offset for an additional year, low and middle income earners will receive tax relief of up to $2,745.”

Mr Pitt said there is also support for Australians to get back to work and businesses to rebuild, grow, and create jobs.

“The JobMaker Hiring Credit will be payable immediately to employers who hire eligible employees, that have been on JobSeeker, Youth Allowance (other) or parenting payment for at least one month out of the three months before they were hired.

“We’re investing in more apprentices and from 5 October to 30 September 2021, businesses of any size can claim the new Boosting Apprentices Wage Subsidy for new apprentices or trainees who commence during this period.

“Eligible businesses can be reimbursed up to 50 percent of an apprentices or trainees wages up to $7,000 per quarter.”

Businesses in Hinkler will also benefit from tax relief which 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. 

Two additional $250 economic support payments will be provided to pensioners in December and March 2021.

The Coalition 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.

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.

“As well as the additional round of the Building Better Regions Fund, the Stronger Communities Program and the Safer Communities Fund will each be funded for another round,” he said.

Mr Pitt said there is further assistance for 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.

The scheme will enable first-home buyers to get into the market with a deposit as low as 5% with the Federal Government acting as guarantor on the loans.

Eligible first home buyers will also be able to take advantage of the HomeBuilder package, which provides a $25,000 grant to eligible owner-occupiers to build a new home or substantially renovate an existing home.

The Morrison McCormack 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. 

For more information on Budget 2020-21 measures head to: www.budget.gov.au

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