08 May 2018

Budget 2018: Delivering lower taxes, more local jobs, a stronger economy and more infrastructure investment

The Turnbull Government is sticking to its plan to build a stronger economy to benefit all Australians, the Member for Corangamite Sarah Henderson said today.

“We are delivering tax relief with a focus on low and middle income earners, infrastructure investment and responsibly returning the budget to balance.

“Under the Government’s economic plan jobs are being created, investment is rising and the budget is strengthening.  This means that we can continue to guarantee the essential services Australians rely on.”

Our plan will:

  • Deliver lower, fairer and simpler taxes to encourage and reward working Australians.  For instance, a high school teacher on $75,000 in Corangamite will have an extra $530 in their pocket from the Budget year onwards, with an extra $3,740 in their pocket over the first seven years of the tax plan;
  • Back businesses to invest and create more jobs, building on our legislated tax cuts for small and medium enterprise, supporting businesses to compete globally, delivering infrastructure that industry and workers rely on; and targeting incentives to promote research, development and new technology;
  • Guarantee the essential services that Australians rely on including record funding for hospitals and schools, a comprehensive approach to aged care so older Australians can live life to the full, and guaranteed funding for disability services;
  • Keep Australians safe by strengthening security at airports and investing more in our intelligence and security service so they can respond to new and challenging threats.  We will also protect our unique environment with smarter biosecurity systems and continue to safeguard our borders.
  • Ensure the Government lives within its means with a forecast return to modest budget balance in 2019-20 of $2.2 billion, increasing to a projected surplus of $11 billion in 2020-21; no longer borrowing to pay for essential services; and the lowest average real growth in payments of any Government in the last 50 years.

“Our tax relief plan will encourage and reward hard working Australians.  65,558 taxpayers in Corangamite stand to benefit from the low and middle income tax relief in the upcoming 2018-19 financial year.  Many will receive a new offset of up to $530 a year under our plan to reduce cost pressures on household budgets.” said Ms Henderson.

“There is great news for small businesses with the $20,000 instant asset write-off continuing for another year, helping small business invest in new equipment.  This is on top of legislated tax cuts for small and medium businesses that are helping them to grow, create more jobs and pay higher wages. This will help 16,921 local businesses in Corangamite with turnovers of up to $50 million if incorporated and up to $5 million if they are unincorporated.

The Turnbull Government’s $75 billion rolling infrastructure plan will continue building the roads, rail and airport networks Australia needs to strengthen the economy, bust congestion in our cities and make rural roads safer.

“The benefits of the Turnbull Government’s infrastructure investment for the communities of Corangamite  include:

  • An additional $50 million for the Waurn Ponds to South Geelong rail duplication (total allocation now $150 million) which includes upgrades to the Waurn Ponds, Marshall and South Geelong stations;
  • $20 million for the construction of a new international terminal at Avalon Airport;
  • A new $45 million tourism infrastructure fund as part of the $200 million Building Better Regions Fund which presents our region with some very significant opportunities;
  • Another round of the Stronger Communities Program providing up to $20,000 in funding for local projects;
  • $3.5 billion over 10 years to deliver our Roads of Strategic Importance initiative that will upgrade key freight corridors in regional Australia;
  • $1 billion Urban Congestion Initiative over 10 years to alleviate congestion in urban areas;
  • A $250 million Major Project Business Case Fund which addresses a real funding gap with the development of major projects;
  • “We are guaranteeing the essential service on which Corangamite families rely on by increasing total health and hospitals funding by 30%, delivering a 50% average increase per student in fair, real needs based school funding over the decade, and more child care support to those families who need it most,” Ms Henderson said.
  • “As part of the Turnbull Government’s commitment to guaranteeing essential services, our More Choices for a Longer Life plan will help older Corangamite residents live healthy and connected lives with increased financial and skills support and 14,000 more home care places.”

“Our plan for a stronger economy benefits all Australians. After record jobs growth, the proportion of working age Australians now dependent on welfare has fallen to 15.1 per cent – the lowest level in over twenty five years.

“We are also continuing to boost welfare compliance and targeting to help get welfare spending under control while ensuring everyone pays their fair share of tax.

“Our plan for a stronger economy means that Australians can plan for their future with confidence.”

For full details, go to budget.gov.au

8 May 2018