Last Tuesday, the Federal Treasurer, Josh Frydenberg delivered the Federal Budget outlining a changed policy to that normally aspired of bringing spending down.
Local Member for Nicholls, Damian Drum, said the Nicholls electorate will significantly benefit from the measures announced.
“This Budget will continue the rebuild of our economy and create more jobs to ensure we come back stronger than ever,” Mr Drum said.
“Australia entered the COVID-19 crisis from a position of economic strength, providing us with the fiscal firepower to support communities across Nicholls when they need it most.”
More than 10 million low- and middle-income earners will get an additional tax cut, benefitting almost 60,000 taxpayers in Nicholls who will receive up to $1080 for individuals or $2160 for couples.
“This is more money for people to spend locally, providing the confidence for Nicholls businesses to take on an extra worker, offer an extra shift, or buy a new piece of equipment,” Mr Drum said.
To support further job creation, the Federal Government will continue the instant asset write off to help businesses invest. This will allow more than 99 percent of businesses, employing 11.5 million Australians, to deduct the full cost of eligible assets in the year they are installed until June 30, 2023.
Additionally, around 4400 businesses in Nicholls will be able to use the extended loss carry back measure to support cash flow and confidence.
Mr Drum said an additional $250 million has been set aside next financial year for a sixth round of the Building Better Regions Fund.
“Our region has already benefited from previous rounds of the BBRF, most recently with funding of more than $8.5 million for the imminent redevelopment of Shepparton’s Maude Street Mall,” Mr Drum said.
An injection of $130 million will improve internet and phone connectivity in regional and rural communities, further driving Australia’s regionally-led recovery. Murchison and Rushworth recently received a $4.5 million boost as part of this Regional Connectivity Program.
Agricultural investment, in line with the Federal Government’s Ag2030 plan, will benefit farmers in Nicholls. Initiatives include $400 million to strengthen biosecurity, $32 million to extend opportunities to reward farmers for the stewardship of their land, $30 million to grow the agricultural workforce, $15 million to improve trade and market access, and $130 million to deliver a National Soils Strategy.
To cut the cost of living for families in Nicholls and to help boost workforce participation, the Federal Government is making an additional $1.7 billion investment in childcare:
Increasing the childcare subsidies available to families with more than one child aged five and under in childcare, benefitting around 250,000 families nationally. Abolishing the $10,560 cap on the Child Care Subsidy, benefitting around 18,000 families. For those families with more than one child aged five or under in childcare, the level of subsidy received will increase by 30 percentage points to a maximum subsidy of 95 percent for their second and subsequent children.
For more information, go to www.budget.gov.au
