What’s in the budget to boost Bundy and how you can help
"WE'VE made the decisions that are necessary to cushion the blow for all Australians."
Hinkler MP Keith Pitt has shared this thoughts on last night's budget and how it will affect the region.
While Parliament House would normally be buzzing with activity on a budget night, yesterday saw a switch to safer measures in the wake of the pandemic, including Zoom calls.
Mr Pitt said there were a number of inclusions in the three-inch-thick budget papers, many of which would help the region and ensure vital support services could continue into the future.
One such inclusion is a two-part payment for pensioners and eligible concession card holders, that will see a $250 cash boost in December, with another $250 in March.
Mr Pitt also welcomed the JobMaker Hiring Credit initiative.
"The JobMaker Hiring Credit will be payable immediately to employers who hire eligible employees, that have been on JobSeeker, Youth Allowance (other) or parenting payment for at least one month out of the three months before they were hired," he said.
The Treasurey estimates it will support 450,000 jobs for young people.
The $4 billion cash pool will be payable for up to 12 months for each new job and is available to employers who hire eligible employees aged 16-35.
The credit will be paid quarterly in arrears at the rate of $200 per week for those aged between 16-29, and $100 per week for those aged between 30-35.
Eligible employees are required to work a minimum of 20 hours per week.
Mr Pitt says a $1.2 billion allocation will also help get 100,000 new apprenticeships up and running.
Tax cuts are another big feature of the budget, with relief for most workers.
"Under the plan, taxpayers in Hinkler will get a tax cut backdated to 1 July this year," Mr Pitt said.
"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.
"As well as retaining the low and middle income tax offset for an additional year, low and middle income earners will receive tax relief of up to $2745."
Mr Pitt said while it was up to people how they spent their money, every possible dollar on the ground helped the nation's economic recovery.
Mr Pitt said tax relief and cuts would help circulate money in the economy.
"That means more money in people's pockets," he said.
"I encourage everyone that's out there to spend your money locally because that's how our kids get jobs."
From now until June 30, 2022, businesses with a turnover of $5 billion or less will be able to deduct the full cost of an eligible asset in the first year it's used or installed.
Mr Pitt says such a measure will be helpful to local businesses.
"That means for farmers if they bought a tractor, they can write it off 100 per cent in the year they bought it," he said.
"We're certainly making it a lot easier for businesses with the 100 write-down."
Mr Pitt said, importantly for Hinkler, there was a focus on the regional deal in the budget.
"We'll obviously continue to deliver on the Hinkler Regional Deal," he said.
"I note with great interest that the Labor government is claiming the federal funding. It's funny how they choose an election to do it."
The regional deal has been a source of contention between the state and federal levels of government, with various disagreements on multiple points.
Last month, Mr Pitt joined MPs David Batt and Stephen Bennett to call for the state to sign off on a multi-use conveyor at the port that would be funded federally.
Mr Pitt accused the government of sitting on its hands, while Transport and Main Roads Minister Mark Bailey labelled the regional deal as "botched".
Mr Bailey announced on October 1 that the state would be signing off on an agreement for $10 million in regional deal funding that would facilitate the multi-use conveyor at the port.
Mr Bailey also announced an allocation of $1 million in state funding for a dry storage facility.
And Mr Pitt has also called on the state to draw on federal funding to fix Paradise.
Mr Pitt said there was an allocation of $2 billion over 10 years towards water infrastructure, and called on the State Government to apply for funding to repair or overhaul Paradise Dam.
"They made the decision to knock it down and they're refusing to fix it," he said.
Mr Pitt said funding was on the table, but so far he had "seen nothing from Labor".
The government will also deliver a record infrastructure spend, expanding the 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 and an additional $1 billion to support local councils to immediately upgrade local roads, footpaths and street lighting to create jobs straight away.
"As well as the additional round of the Building Better Regions Fund, the Stronger Communities Program and the Safer Communities Fund will each be funded for another round," Mr Pitt said.
Mr Pitt said there is further assistance for 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 scheme will enable first-home buyers to get into the market with a deposit as low as 5 per cent with the Federal Government acting as guarantor on the loans.
Eligible first home buyers would also be able to take advantage of the HomeBuilder package, which provides a $25,000 grant to eligible owner-occupiers to build a new home or substantially renovate an existing home.
Mr Pitt said this year's budget saw a focus on jobs, schools, hospitals and roads.
"There's heaps in the budget," Mr Pitt said.
"It's a stack of paper about three inches high."
For more information on Budget 2020-21 measures head to: www.budget.gov.au