The Australian government today announced a $17.6 billion economic plan to keep Australians in jobs, businesses strong and support households and the economy as we face significant challenges posed by the spread of the coronavirus.
As Nationals Senator for Victoria, I want to share with regional Victorians what it means.
The package has four parts:
Cash flow Assistance for businesses
- Tax free payments of up to $25,000 to boost cash flow for eligible small to medium-sized businesses with a turnover of up to $50 million.
- A 50 per cent wage subsidy for apprentices and trainees in businesses with up to 20 employees.
More information here https://treasury.gov.au/coronavirus/businesses
Supporting business investment
- Increasing the instant asset write-off threshold from $30,000 to $150,000 for businesses with an annual turnover of up to $500 million. Examples may be a tractor for a farming business, a concrete tank for a builder, or a truck for a delivery business.
- A 50 per cent accelerated depreciation deduction for businesses over 15 months.
More information here: https://treasury.gov.au/coronavirus/business-investment
Stimulus payments to households to support growth
- One-off $750 payment to pensioners, social security, veteran and other income support
and concession card holders. The payment will be tax free and will not count as income for Social Security, Farm Household Allowance and Veteran payments.
More information here: https://treasury.gov.au/coronavirus/households
Assistance for severely-affected regions
- $1 billion to support those sectors, regions and communities that have been disproportionately affected like tourism, agriculture and education. It includes helping to identify alternative export markets or supply chains, and promoting domestic tourism. As well, administrative relief for tax obligations on a case-by-case basis.
More information here: https://treasury.gov.au/coronavirus/sectors-and-regions
Just as we have acted decisively to protect the health (https://bit.ly/2W993TT) of the Australian people, based on the best evidence and medical advice, this support package responds to the economic challenges presented by this pandemic in a timely, proportionate and targeted way.
Through our response and the actions we have taken to bring the Budget back to balance over the last six and a half years, you can be confident that our nation is one of the best prepared to respond to the economic impacts of the coronavirus.