Budget provides jobs, economic boost for North
MAY 12, 2015: NORTHERN Australia is a big winner in tonight’s Budget with a massive boost of $5 billion of investment.This is addition to schemes to provide more pathways to jobs for people of all ages, but particularly youth, immediate benefits for small businesses, and more childcare options for families.Northern Australia can now step up to the plate to drive economic development and play a vital role in the nation’s path back to recovery with the announcement of a new $5 billion Northern Infrastructure Facility.This will open up the North and help us to realise the potential we know is there.The Government will partner with the private sector and the governments of Queensland, Western Australia and the Northern Territory to provide large concessional loans for the construction of ports, pipelines, electricity and water infrastructure.The flow-on effects in terms of jobs and opportunities will be immense.A number of initiatives will help people of all ages secure jobs.There’s a new $212 million Youth Transition to Work program, an addition $106 million of intensive support trials for job seekers and a national work experience program so that 6,000 people can get genuine work experience in a real workplace.This is in addition to the Work for the Dole program.Small business will reap benefits through a company tax cut from 30 per cent to 28.5 per cent, and for those not run as companies, an annual 5 per cent tax discount of up to $1,000 per year.Small businesses can go out today and can claim an immediate tax deduction for each and every item they purchase up to $20, 000.From tonight, it can be instantly written off to reduce tax liability.The other thing I have I am excited to see in this Budget is that we are amending the Zone Tax Offset so that it is only available to those who have genuinely moved to specified remote areas, and that specifically excludes Fly In Fly Out workers, saving $325 million.The Government is also investing $3.5 billion to provide more childcare options for working families.