Helping deliver jobs, growth and opportunity for Hinkler

Federal Member for Hinkler Keith Pitt has described the 2015 Federal Budget as a ‘have-a-go’ Budget that will help local families, farmers and small businesses.

Mr Pitt said measures contained in the Coalition Government’s mid-term Budget would help deliver jobs, opportunity and economic growth in a way that is responsible, measured and fair.

“It is the next step in the Coalition’s long-term economic plan to build a stronger, safer and more prosperous future for all Australians,” Mr Pitt said.

“We all know there are economic challenges, yet, as a direct result of the Coalition’s strong financial management, Australia’s economic and Budget position has improved.

“Our economic plan is working.  Australia’s economic growth is up; retail sales and new dwelling approvals are at record levels.

“Deficits over the forward estimates are reducing each and every year from $35.1 billion in 2015-16 to $6.9 billion in 2018-19. Importantly, our timetable back to a Budget surplus is unchanged from last year.”

2015 Federal Budget highlights:

Small business:

• Small companies with annual turnover of less than $2 million will have their tax rate lowered from 30 per cent to 28.5 per cent

• Small business can claim an immediate tax deduction for each and every item they purchase up to $20,000

• Annual 5 per cent tax discount of up to $1,000 a year for unincorporated businesses                                                                                                

Agriculture:

• $300 million drought relief package for farmers

• All farmers will get an immediate tax deduction for new investment in water facilities, and will be able to fully deduct the cost of new fencing from their tax bill

Families and childcare:

• $38 billion to support families, including a $4.4 billion Families Package aimed at giving parents more choice and opportunity to work

• An additional $3.5 billion over five years on child care assistance, including a new Child Care Subsidy. Families earning around $65,000 or less will receive a subsidy of 85 per cent of their child care fees

Jobseekers:

• $330 million to help young and disadvantaged Australian jobseekers get their start, including a new $212 million Youth Transition to Work programme in high youth unemployment areas

• $1.2 billion National Wage Subsidy pool to target long-term unemployment

Retirees and pensioners:

• No new taxes on superannuation

• The Age Pension will continue to increase, twice a year, this year, and every year — at the highest available indexation rate

• More than 170,000 pensioners with modest assets will have their pensions increased by an average of $30 per fortnight

• Tightened eligibility for pensioners with higher levels of assets (not including the family home)

• Those who no longer receive a pension will remain eligible for a Commonwealth Concession Card,  which provides benefits such as subsidised utilities and transport, bulk billing and cheaper PBS prescription medicines

Health:

• $1.6 billion to list new medicines and vaccines on the Pharmaceutical Benefits Scheme, including the shingles vaccine for Australians aged between 70-79

• $100 million to improve Australia’s ability to respond to health crises caused by natural disasters or terrorists attacks

National Security:

• $1.2 billion to make Australia safe and secure, in addition to the $1 billion committed in 2014-15

• An extra $450 million for our intelligence capabilities

Infrastructure:

• $13.4 billion of the Coalition’s record $50 billion Infrastructure Investment Programme will be spent in Queensland, including $1.6 billion in 2015-16

• Up to $6.7 billion for the Bruce Highway, with $500 million provided in 2015-16

More details on the Budget are available at www.budget.gov.au

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