The Morrison Government’s Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure Australia’s future, including in New South Wales.
Under our plan, around 3.7 million taxpayers in New South Wales will receive tax relief for the 2020-21 financial year, with 3.2 million taxpayers to receive up to $1,080 for lower and middle income earners, and $2,160 for dual income families.
“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”, Jim Molan, Senator for New South Wales 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. This includes $19.7 billion in JobKeeper payments and $9.5 billion in cash flow boost credit amounts to New South Wales residents and entities.
The 2020-21 Budget commits a further $98 billion nationally including: $25 billion in direct COVID-19 response measures and $74 billion in new measures to create jobs.
“We’re supporting New South Wales to get back to work and businesses to rebuild, grow, and create jobs”, Senator Molan 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 New South Wales job seekers have the skills they need to get a job.
Senator Molan said, “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”.
“The Morrison 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 New South Wales community,” said Senator Molan.
Tax relief for New South Wales 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”, Senator Molan 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.
The 2020-21 Budget commits an additional $2.7 billion of Government funding for land transport infrastructure projects in NSW over the next decade. This includes:
- $603.0 million for New England Highway – Singleton Bypass and Bolivia Hill Upgrade;
- $591.7 million for the Newell Highway Upgrade, including Dubbo Bridge, Parkes Bypass, heavy duty pavement upgrades and overtaking lanes; and
- $490.6 million in additional funding for the Coffs Harbour Bypass.
Since 2013-14, the Government has committed $39 billion to fund land transport infrastructure projects in NSW, including funding announced as part of this Budget.
Jim Molan, Senator for New South Wales said the Morrison Government’s Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure Australia’s future.