Federal Budget 16: Real win for South Australia
Op-ed originally appeared on page 9 of The Adelaide Advertiser on 4 May 2016.
This budget is a clear statement of the Turnbull Government’s economic plan. A plan which will deliver tangible benefits and fuel jobs and economic growth for the people of South Australia.
The focus of the 2016–17 Budget will be to support Australia and help it successfully transition from a boom fuelled by mining construction to one which is more diverse, thriving on innovation and with strong support for businesses to create jobs.
In the 2016-17 budget they key measures will have clear and direct benefits for South Australians, including:
Investing $840 million in an innovative Youth Employment Package to help up to 120,000 young people over four years secure jobs.
From 1 July the small business tax rate will be lowered to 27.5 per cent and the turnover threshold for small businesses able to access it will be increased from $2 million to $10 million. This means businesses with a turnover of less than $10 million will also be able to access immediate tax deductibility for asset purchases costing less than $20,000 until 30 June 2017.
And also from 1 July this year, we will increase the upper limit for the middle income tax bracket from $80,000 to $87,000 per year.
This will stop around 500,000 taxpayers in each and every year from paying more than the 32.5 per cent marginal tax rate.
This is in addition to the already announced $50 billion future submarines projects, the $35 billion future frigates program and the Offshore Patrol Vessel program.
This budget, in the light of the coming election, helps outline a clear and stark choice for South Australians.
A Turnbull Government focussed on jobs, growth and helping our economy transition. Or the Bill Shorten led Labor party who plans to raise taxes, including bringing back Julia Gillard’s carbon tax, hiking energy prices and putting at risk out state’s economic future.