The Federal Coalition Government’s Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure Australia’s future, including in the New England.
Under our plan, taxpayers in the New England will get a tax cut backdated to 1 July this year with lower and middle income earners receiving up to $2,745 for singles and up to $5,490 for dual income families compared with 2017-18.
“If offered by the government, the best place for the money you have paid in tax is back in your pocket,” Member for New England Barnaby Joyce said.
“This is a real benefit and Australia has on an international comparison, high individual tax rates and we must always endeavour to reduce this burden.”
The Budget announcements build on the 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 our AAA credit rating, we entered the crisis from a position of economic strength, providing the nation with the fiscal firepower to respond when we needed it most.
Since the onset of the pandemic, the 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 are supporting Australians to get back to work and businesses to rebuild, grow, and create jobs,” Mr Joyce 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 make sure job seekers in the New England 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 Joyce said.
“The Australian 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, our incentives for businesses to invest in their business will create more economic activity and jobs in the communities across the New England.
Tax relief for New England 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.
“We will also simplify access to credit for households and small businesses to support the economic recovery,” he said.
The Coalition Government is also delivering record infrastructure investment, expanding its 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.