The Morrison Government’s Economic Recovery Plan for Australia will create thousands of jobs, rebuild our economy and secure Australia’s future.
Dr Fiona Martin MP, Member for Reid, said that the 2020 Budget will benefit residents in her electorate of Reid, from business owners to employees to families.
“This Budget has been designed to keep Australians in jobs, keep businesses running and deliver the essential services we need,” Dr Martin said.
“It builds on the Morrison Government’s unprecedented investment in the health and economic response to the pandemic to make sure we emerge from the COVID-19 recession stronger than before.”
Dr Martin said that under this plan, taxpayers in Reid will soon 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,” Dr Martin said.
This Budget is investing a record amount in skills and training by committing $1.2 billion to create 100,000 new apprenticeships and traineeships, with a 50 per cent wage subsidy for businesses who employ them.
In addition to this, the Government have introduced the JobMaker Hiring Credit for employers who hire those on JobSeeker aged 16-35, which the Treasury estimates will support around 450,000 jobs for young people, including 2020 school leavers and graduates.
“We’re supporting Australians to get back to work and businesses to rebuild, grow, and create jobs,” Dr Martin said.
“Reid has more than 26,000 businesses and they are the lifeblood of our local economy and essential in providing jobs for Australians.”
Further, tax and investment incentives for local businesses will create more economic activity and jobs across the Reid community.
Tax relief for 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.
These measures builds on a $1.3 billion investment in Australia’s sovereign manufacturing capability to ensure we have an internationally competitive and resilient manufacturing sector, and in the process create more high value jobs.
“Reid has a really strong manufacturing base, especially in suburbs like Lidcombe and Silverwater,” Dr Martin said.
“Our Modern Manufacturing plan will prioritise sectors like food and beverage manufacturing, recycling and clean energy, and the making of medical products.”
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.
By bringing the Budget back to balance for the first time in 11 years and maintaining our AAA credit rating, Australia entered the crisis from a position of economic strength, giving Australia 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 economic 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.