OUR ECONOMIC RECOVERY PLAN DELIVERS FOR SUNSHINE COAST
The Morrison Government’s Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure Australia’s future, including right here on the Sunshine Coast.
Local Federal MPs Ted O’Brien and Andrew Wallace have welcomed tonight’s Budget which outlines a clear direction to rebuild Australia’s economy and create hundreds of thousands of jobs.
Under the Government’s plan, taxpayers living on the Sunshine Coast 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,” Member for Fairfax Ted O’Brien said.
The Budget announcements build on the Morrison 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 us
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’re supporting Australians to get back to work and businesses to rebuild, grow, and create jobs,” Member for Fisher Andrew Wallace said.
“The JobMaker Hiring Credit will be payable immediately to employers who hire eligible employees helping ensure that more of our local young people can stay right here in our community and get the great jobs of the future that they want.”
This Budget is investing a record amount in skills and training to make sure Sunshine Coast job seekers 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 O’Brien said.
“The Morrison Government is also 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 for our coastal and hinterland communities.
Tax relief for Coast 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 and help create more jobs in our community,” Mr Wallace said.
The Morrison 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.
“This includes an additional $95.2million to ensure the Bruce Highway - Caloundra Road to Sunshine Motorway upgrade can finish as scheduled in mid 2021, so we can get Sunshine Coast locals home sooner and safer and make sure tourists to our region keep coming back again and again.” Mr Wallace said.