The Australian Government budget sets out the economic and fiscal outlook for Australia and includes expenditure and revenue estimates for the current financial year, the budget year and three forward financial years. It shows the Government’s social and political priorities and how the Government intends to achieve these. You can find everything you need to know by clicking here.
As always there were many winners and losers in the new Budget – small businesses seem to be amongst the winners with a couple of announcements sure to help:
- Small businesses now have longer to write off business purchases.
- The Government extended the $20,000 instant asset write-off for another 12 months to June 30, 2019. The initiative was initially introduced in the 2015-16 budget, and has been kicked along at a cost of $350 million over the forward estimates.
- The Government is pitching a plan to deliver tax relief to lower and middle-income Australians, which it says will benefit more than 10 million people.
Below is a our summary of the infrastructure projects mentioned in the latest budget.
- M1 upgrade. Federal government has pledged $1b to widen the M1 if the State Govt matches it dollar for dollar.
- $800m Bruce Highway upgrade
- $390m – Sunshine Coast Rail Project
- Zero for the Stage 3 of the GC light rail project. (This is support by the Federal Govt but they are waiting for the council to finish the business case)
- Zero for the Cross River Rail project in Brisbane
- $971m Coffs Harbour bypass
- $155m Shoalhaven River Crossing
- $50m for a business case for the North South Rail Line
- $5b Melbourne Airport Train Link
- $2.3b for various projects including Perth Rail networks, hospital upgrade and water projects
- $177m South Road Superway to the Torrens project via a new 1.8km six lane nonstop Motorway
As always, if you need some small business advice, want to discuss your options or want to know more about Chevron Insurance Consultants, please call us on 1800 334 345 or email email@example.com