Thank the Australian mining industry for the anticipated Budget surplus.
The Minerals Council of Australia says the stronger minerals sector continues to underpin the Federal budget position, with company tax receipts driving an $8 billion increase in revenue over the next four years.
“According to Deloitte Access Economics, the Australian minerals industry paid $18.6 billion in company tax for 2017-18 alone – equal to 22 per cent of all company tax collected for that year,” MCA chief executive officer Tania Constable said.
Ms Constable said new funding commitments in the Budget for regional infrastructure would deliver improved freight routes, access to ports and airports.
“However, the government’s decision to retain the Biosecurity Import Levy will penalise the mining industry and other sectors that create jobs in regional Australia by increasing costs on imported machinery and other goods,” she said.
Master Builders Australia believes the return to surplus will boost confidence that the economy is back on track and give builders the incentive to invest, create jobs, and take on more apprentices.
Chief executive officer Denita Wawn said the group welcomed the Government’s announcements on new investment in skills, infrastructure and small business as they targeted what was needed to strengthen the economy.
“The government deserves credit for heeding Master Builders call for the instant asset tax write off scheme to be increased and expanded. Thousands of small business builders in communities around the country will benefit from the increase to $30,000 but more importantly the significant expansion of the eligibility threshold to $50 million annual turnover,” she said.
“Likewise builders will strongly back the additional investment to train an additional 80,000 new apprentices in industries experiencing skills shortages including building and construction.”
North Queensland-based Senator Ian Macdonald highlighted new measures that would assist regional Queensland.
- $1 billion additional Roads of Strategic Importance funding
- $500 million additional Roads to Recovery funding
- $300 million for re-stocking, re-planting and re-building grants
- $220 million Stronger Regional Connectivity Package
- $200 million additional Road Black Spot funding
- $100 million additional Heavy Vehicle Safety and Productivity Program funding
- $100 million additional Bridges Renewal Program funding
- $100 million Regional Airports Program