The 2018 Federal Budget handed down last night rewards hard work and backs small business, says the Federal Member for Hume Angus Taylor.
He said 68,888 Hume taxpayers stand to benefit from the low and middle income tax relief in the upcoming 2018-19 financial year.
Treasurer Scott Morrison’s third Budget gives tax relief straight back to hard working Australians and heralds an earlier than expected surplus.
“This Budget is about building a stronger economy and creating jobs – on top of the thousands created in Hume in the past 12 months,” Mr Taylor said.
“This is a Budget backing the hard workers in communities across Hume.
“68,888 taxpayers in Hume will receive a new offset of up to $530 a year. Critically it’s a lump sum payment, and critically it’s coming straight away to reduce costs for households.
“There is great news for small businesses with the $20,000 instant asset write-off continuing for another year, helping local small businesses invest in new equipment. I know how popular this initiative has been in Hume.
“In fact, our small and medium business tax cuts are helping the 16,090 local businesses – with turnovers up to $50 million if they are incorporated, and up to $5 million if they are unincorporated – invest, employ and pay their workers more.”
In the 2016-17 financial year, 476 new businesses were started up in Hume, according to the Department of Industry, Innovation and Science Businesses Report.
Mount Annan had the most with 50 new businesses in that period, 40 in Picton, 39 in Camden, Narellan 35, Silverdale 23, Elderslie 27, Bargo 18 and Tahmoor 29.
“Billions of dollars of the Government’s $75 billion infrastructure investment is happening in Hume and this is also driving business and jobs growth,” Mr Taylor said.
He also welcomed in last night’s Budget:
- the $50 million commitment to the Appin Road upgrade ($5m for 2018/19);
- a $50 million commitment to jointly fund a business case for the Western Sydney North-South rail project with the NSW.
Mr Taylor also highlighted funding programs which will be extended to support regional infrastructure:
- 22.5 million for a fourth round of the Stronger Communities Programme ($436,543 has been allocated to more than 40 Hume projects under the previous three rounds);
- Almost $6.1 million in Roads To Recovery funding will be allocated to seven Hume councils for 2018/19.
Mr Taylor the Budget also guarantees the funding of the National Disability and Insurance Scheme (NDIS).
“Australians with a permanent and significant disability deserve the best care we can provide,’’ he said.
“Once fully rolled out, the NDIS will directly help an estimated 3,694 people and their families in Hume,” Mr Taylor said.
Mr Taylor said a stronger economy is enabling the Coalition Government to deliver record support for services, including $24.5 billion of extra schools funding over a decade (on average, 50 percent more per student) and $30 billion in additional hospitals funding over five years (a 30 percent increase).
“The Budget deficit is less than half what it was two years ago. We are on track for a modest return to surplus in 2019-20, increasing to a projected surplus of $11 billion in 2020-21,” Mr Taylor said.
“This is a boost for business confidence and from that will flow benefits for our economy. An early return to surplus will be an incentive for positive growth.”
