What Fraser Coast Federal MPs want you to know about Budget
THE region's federal members believe the Australian Government's Budget announcements will give the Fraser Coast what it needs to bounce back from the COVID-19 pandemic.
Federal Member for Hinkler Keith Pitt said the Economic Recovery Plan, unveiled this week, would provide an additional $98 billion in direct economic support to rebuild the economy following COVID-19, bringing the total commitment to the COVID-19 response to $257 billion.
"The Morrison-McCormack Government has already provided unprecedented investment in the health and economic response to COVID-19 and the Budget continues to support households, businesses and industry," Mr Pitt said.
"Under the plan, taxpayers in Hinkler will get a tax cut backdated to July 1 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.
"As well as retaining the low and middle income tax offset for an additional year, low and middle income earners will receive tax relief of up to $2745."
Businesses in Hinkler will also benefit from tax relief which includes allowing 99 per cent of businesses to deduct the full cost of depreciation 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, he said.
Mr Pitt said there was also support for Australians to get back to work and businesses to rebuild, grow, and create jobs.
"The JobMaker Hiring Credit will be payable immediately to employers who hire eligible employees, that have been on JobSeeker, Youth Allowance (other) or parenting payment for at least one month out of the three months before they were hired.
"We're investing in more apprentices and from October 5 to September 30, 2021, businesses of any size can claim the new Boosting Apprentices Wage Subsidy for new apprentices or trainees who commence during this period.
"Eligible businesses can be reimbursed up to 50 per cent of an apprentices or trainees wages up to $7,000 per quarter."
Two additional $250 economic support payments will be provided to pensioners in December and March 2021.
The Coalition Government, Mr Pitt said, was also delivering record infrastructure investment, expanding on a 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 and an additional $1 billion to support local councils to immediately upgrade local roads, footpaths and street lighting to create jobs now.
"As well as the additional round of the Building Better Regions Fund, the Stronger Communities Program and the Safer Communities Fund will each be funded for another round," he said.
Mr Pitt said there was further assistance for 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 scheme will enable first-home buyers to get into the market with a deposit as low as 5 per cent, with the Federal Government acting as guarantor on the loans.
Eligible first home buyers will also be able to take advantage of the HomeBuilder package, which provides a $25,000 grant to eligible owner-occupiers to build a new home or substantially renovate an existing home.
Federal Member for Wide Bay and Deputy Speaker of the House of Representatives Llew O'Brien also welcomed the Economic Recovery Plan, saying it would create jobs, rebuild the economy and secure Australia's future.
People in receipt of the age pension, disability support pension, carer payment, family tax benefit, family tax benefit lump sum, double orphan pension, carer allowance, Commonwealth seniors health card, pensioner concession card and veteran card will also receive a $250 payment in December this year and another in March 2021, he said.
"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," Mr O'Brien said.
Since the onset of the pandemic, the Government had provided $257 billion in direct economic support to cushion the blow and strengthen the recovery, Mr O'Brien said.
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," Mr O'Brien said.
In Maryborough, the Federal Liberal and Nationals Government is investing $28,500,000 in the Rheinmetall Nioa Munitions projectile forging plant with $15,675,000 allocated in 2020-21.
"This project is creating jobs right now through the construction stage, both on-site and through local supply chains. Once operational, it will be a significant employer in Maryborough boosting the regional economy," Mr O'Brien said.
"DTM Timbers will also receive $170,715 towards its $3,500,000 laminated timber value-add project. The Morrison Government's $1,750,000 commitment is helping to support jobs in Maryborough.
In Wide Bay, the Budget includes funding for local councils through the Financial Assistance Grants program with contributions made to the following councils in the 2020-21 financial year to be spent on the council's priorities.
The Fraser Coast Regional Council will receive $7,969, 816.
Councils will also receive funding from the Federal Government's Roads to Recovery program.
See the full list of local projects which will benefit from this Budget on the Chronicle website Friday.