THE recently announced tax cut backdated to July 1 this year will help generate local economic activity, create jobs for locals and will see more money in the pockets of local households, according to local federal MP Russell Broadbent.
The Monash MP also said the incentives for businesses to invest in their business – as outlined in the federal budget – would create more economic activity and jobs in the Monash community.
“Tax relief for Monash 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,” Mr Broadbent said.
Since the onset of the pandemic, Mr Broadbent said, the government had 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.”
The JobMaker Hiring Credit would be payable immediately to employers who hire eligible employees, he added.
“This budget is investing a record amount in skills and training to make sure Monash jobseekers 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.
“The Morrison government is investing in our manufacturing capability to ensure we have an internationally competitive and resilient manufacturing sector, and in the process create more high-value jobs.
“The federal 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.
“Our community-led recovery plan will deliver roads and community infrastructure through investment in shovel-ready projects.
“These projects are not only important in providing safer roads, additional community infrastructure but also in generating local jobs in our rural communities during construction,” Mr Broadbent said.