Our Economic Recovery Plan Delivers for Queensland

 In Federal Budget, Parliament

FEDERAL BUDGET

The Federal Liberal National Government’s Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure Queensland’s future.

Under our plan, around 2.3 million taxpayers in Queensland will receive tax relief for the 2020-21 financial year, with 2 million taxpayers to receive up to $1,080 and $2,160 for dual income families, after they lodge their tax returns.

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.

The Budget announcements build on the Morrison-LNP 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 $10.7 billion in JobKeeper payments and $5.4 billion in cash flow boost credit amounts to Queensland 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 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.

This Budget is investing a record amount in skills and training to make sure Queensland job seekers 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 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 community.

Tax relief for Queensland 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.

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 $1.3 billion of Government funding for land transport infrastructure projects in Queensland over the next decade. This includes:
– $750.0 million for the first stage of the Coomera Connector (Coomera to Nerang);
– $201.2 million for the Bruce Highway, including Caloundra Road to Sunshine Motorway, Rockhampton Northern Access Upgrade, Burdekin Bridge Upgrade, Babinda Intersection Upgrade, Cairns Southern Access Corridor – Stage 4 – Kate to Aumuller and Bruce Highway Upgrade Strategy; and
– $112.0 million for the Centenary Bridge Upgrade.

Since 2013-14 the Government has committed $28.5 billion to fund land transport infrastructure projects in Queensland, including funding announced as part of this Budget.

The Federal Liberal National Government’s Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure Australia’s future.

For more information, click here.  

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