Unprecedented…2020…is it ever!
And in unprecedented times, during the first recession we’ve had in decades, this year’s Federal Budget is also unprecedented.
It’s a cash splash. It’s about scaling up manufacturing and energy, boots and utes on the ground, and moving towards a digital economy. It’s cutting red tape and providing the infrastructure to enable the private sector to take the reins of our recovery.
We must do things differently. We must rebuild a new economy. Emphasis on new. New investments, new jobs, new ways of working, new partnerships. It is an exciting time precipitated by a particularly dark year. Who would have thought 12 months ago that we’d be investing in manufacturing as a key economic lever for the future?
In addition to the previously announced funding for the energy sector, manufacturing and cyber security, the real winners from this years’ Federal Budget are worker and business investment. In particular, the tax loss “carry back” benefits will support businesses with a turnover under $5b, while the instant asset write-off will allow 99% of businesses to write-off the full value of any eligible asset they purchase for their business.
And this is only the beginning. It’s likely that we will return to the normal Budget cycle in 2021 – so we will be here again in May. It’s another opportunity for the Government to invest in growing out of this unique recession.
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