{"id":11360,"date":"2021-05-12T01:46:42","date_gmt":"2021-05-12T01:46:42","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=11360"},"modified":"2021-05-12T01:46:42","modified_gmt":"2021-05-12T01:46:42","slug":"budget-21021-2021-securing-australias-recovery","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2021\/05\/12\/budget-21021-2021-securing-australias-recovery\/","title":{"rendered":"Budget 21021:  2021 Securing Australia\u2019s Recovery"},"content":{"rendered":"<div class=\"region region-content\">\n<div id=\"block-system-main\" class=\"block-system-main block block-system\">\n<div class=\"content\">\n<article id=\"node-147629\" class=\"node node-article clearfix\">\n<div class=\"content\">\n<div class=\"field field-name-body field-type-text-with-summary field-label-hidden page-styles\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\nOur plan to secure Australia\u2019s recovery will create more jobs, rebuild our economy and set the country up for the future.<br \/>\nSince the onset of the COVID-19 pandemic, the Morrison Government has provided $291 billion in direct economic support to keep businesses in business and Australians in jobs.<br \/>\nOur economic recovery has beaten even the most optimistic of our expectations with more people in work than ever before. JobKeeper has done its job.<br \/>\nUnder our plan, the unemployment rate is forecast to fall below 5 per cent by late 2022 while the economy is forecast to grow by 5\u00bc per cent in 2021 and 2\u00be per cent in 2022 having outperformed every major advanced economy in 2020.<br \/>\nAs part of the 2021-22 Budget the Government is:<\/p>\n<ul>\n<li>Providing tax relief for more than 10 million hard-working Australians, to put more money in their pockets to spend in small businesses across the country helping to create jobs<\/li>\n<li>Incentivising business to invest, creating more economic activity and more jobs<\/li>\n<li>Investing in skills and training to fill skills shortages and to provide Australians with the skills they need to get a job<\/li>\n<li>Investing in more infrastructure to boost the nation\u2019s productivity and to create more jobs<\/li>\n<li>Backing our manufacturing sector to diversify our economy and to create more jobs<\/li>\n<li>Boosting workforce participation by making child care more affordable<\/li>\n<li>$2.6 billion for the North-South Corridor in South Australia<\/li>\n<li>$2 billion for the Great Western Highway in New South Wales<\/li>\n<li>$2 billion initial investment for a new Melbourne Intermodal Terminal in Victoria<\/li>\n<li>$400 million for Bruce Highway Additional Funding in Queensland<\/li>\n<li>$379 million for METRONET in Western Australia<\/li>\n<li>$150 million for highway upgrades in the Northern Territory<\/li>\n<li>$132.5 million for Canberra Light Rail \u2013 Stage 2A in the Australian Capital Territory and<\/li>\n<li>$113.4 million for the Midland Highway Upgrades in Tasmania.<\/li>\n<li>Increase the child care subsidies available to families with more than one child aged five and under in child care, benefitting around 250,000 families<\/li>\n<li>Remove the $10,560 cap on the Child Care Subsidy, benefitting around 18,000 families<\/li>\n<\/ul>\n<p><strong>Tax relief<\/strong><br \/>\nTo secure Australia\u2019s recovery the budget provides an additional tax cut to more than 10 million low and middle income earners.<br \/>\nIt will see low and middle income earners benefit by up to $1,080 for individuals or $2,160 for couples.<br \/>\nThis is more money to spend in local businesses, giving them the confidence to take on an extra worker, offer an extra shift or buy a new piece of equipment.<br \/>\nTo support further job creation the Government will extend temporary full expensing and the loss carry back measure announced in last year\u2019s budget for another year.<br \/>\nThis will allow more than 99 per cent of businesses employing 11.5 million Australians to deduct the full cost of eligible depreciable assets of any value in the year they are installed until 30 June 2023.<br \/>\nIt will also allow companies with turnover up to $5 billion to offset losses for the 2019-20, 2020-21, 2021-22 and now 2022-23 income years against previously taxed profits from 2018-19 or subsequent years to generate a refund.<br \/>\n<strong>Skills and training<\/strong><br \/>\n<a name=\"_Hlk70596247\"><\/a>The Government is doubling its commitment to the JobTrainer Fund to support a further 163,000 new training places to upskill job seekers and meet skills shortages.<br \/>\nThe Budget also funds more than 170,000 new apprenticeships and traineeships, 5,000 higher education short courses and 2,700 places in indigenous girls academies to help them finish school and get a job.<br \/>\nWe will also accelerate digitals skills training for job seekers with low levels of reading, writing, maths and computer skills.<br \/>\nWomen will also benefit from STEM scholarships and programs to help them to break into non\u2011traditional trades.<br \/>\n<strong>Infrastructure<\/strong><br \/>\nThe Government is building the infrastructure our economy needs for the future, with a record 10-year $110 billion infrastructure pipeline, which is already supporting 100,000 jobs across the country.<br \/>\nThe 2021-22 Budget goes further with $15.2 billion in additional infrastructure commitments, which will support a further 30,000 jobs across the lives of those projects, including:<br \/>\nThese commitments also include $1 billion for road safety upgrades and a further $1 billion for community infrastructure.<br \/>\n<strong>Building our capability<\/strong><br \/>\nIn last year\u2019s Budget the Government invested $1.5 billion in a Modern Manufacturing Strategy to ensure our international competitiveness and to create more jobs.<br \/>\nWe also backed in our manufacturing plan with an additional $2 billion in R&amp;D tax incentives.<br \/>\nThe 2021-22 Budget goes further with a new \u2018patent box\u2019 starting on 1 July 2022.<br \/>\nUnder the patent box, income earned from new patents that have been developed in Australia will be taxed at a concessional rate of 17 per cent.<br \/>\nThe patent box will apply to the medical and biotech sectors and we will consult on expanding it to the clean energy sector.<br \/>\nThe comprehensive manufacturing plan will help Australian businesses to develop the next bionic ear or cervical cancer vaccine.<br \/>\nThe 2021-22 Budget also invests in measures to help small businesses and farmers expand and diversify their export markets with an additional $87.7 million in funding for the Agri-Business Expansion Initiative.<br \/>\nTo ensure our industries remain competitive, the 2021-22 Budget also makes critical investments to deliver more affordable and reliable energy.<br \/>\nThis includes helping unlock Australia\u2019s vast gas reserves in the North Bowen and Galilee Basins, and investing in hydrogen-ready gas plants.<br \/>\nTo further shore up our fuel security the Budget helps local refineries to keep operating in Australia.<br \/>\n<strong>Child care<\/strong><br \/>\nTo cut the cost of living for around a quarter of a million families and to help boost workforce participation, the Government is making an additional $1.7 billion investment in child care.<br \/>\nThe investment will add up to 300,000 hours of work per week which would allow the equivalent of around 40,000 individuals to work an extra day per week and boost the level of GDP by up to $1.5 billion per year.<br \/>\nThe changes target low and middle income earners with around half the families set to benefit having a household income under $130,000.<br \/>\nImportantly it lowers the disincentive to take on an additional day or two of work for many families.<br \/>\nThe Government will:<br \/>\nFor those families with more than one child aged five and under in child care, the level of subsidy received will increase by 30 percentage points to a maximum subsidy of 95 per cent for their second and subsequent children.<br \/>\nThis comprehensive economic plan creates jobs and secures Australia\u2019s recovery.\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"left-sidebar col-lg-4 order-lg-1\" role=\"complementary\">\n<div class=\"region region-sidebar-first\">\n<section id=\"block-views-d10120da31ba3b4d5d199e727ee86aa5\" class=\"sidebar-section block-views-d10120da31ba3b4d5d199e727ee86aa5 block block-views\"><\/section>\n<section id=\"block-views-article-feeds-two-recent\" class=\"sidebar-section block-views-article-feeds-two-recent block block-views\">\n<div class=\"view view-article-feeds view-id-article_feeds view-display-id-two_recent view-dom-id-b6494d42ccaf3db3617f433388c1a504\">\n<div class=\"view-content\">\n<article class=\"lpa-article-sidebar-entry \">\n<div class=\"views-field views-field-field-news-article-type\">\n<div class=\"field-content\"><\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/aside>\n","protected":false},"excerpt":{"rendered":"<p>Our plan to secure Australia\u2019s recovery will create more jobs, rebuild our economy and set the country up for the future. Since the onset of the COVID-19 pandemic, the Morrison Government has provided $291 billion in direct economic support to keep businesses in business and Australians in jobs. Our economic recovery has beaten even the &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2021\/05\/12\/budget-21021-2021-securing-australias-recovery\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Budget 21021:  2021 Securing Australia\u2019s Recovery&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-11360","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/11360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=11360"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/11360\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=11360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=11360"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=11360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}