The Federal Liberal and Nationals Government has announced applications have opened for a further $50 million for priority flood mitigation infrastructure projects across the…
Securing our Economic Recovery
To secure Australia’s recovery the budget provides an additional tax cut to more than 10 million low and middle income earners.
It will see low and middle income earners benefit by up to $1,080 for individuals or $2,160 for couples.
Skills and training
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.
The 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.
We will also accelerate digital skills training for job seekers with low levels of reading, writing, maths and computer skills.
Women will also benefit from STEM scholarships and programs to help them to break into
Building our Manufacturing Capability
In last year’s Budget the Government invested $1.5 billion in a Modern Manufacturing Strategy and backed in our manufacturing plan with an additional $2 billion in R&D tax incentives.
The 2021-22 Budget goes further with a new ‘patent box’ starting on 1 July 2022. Under 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.
Investing in Infrastructure
The 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.
The 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.
and Building for our Future
To 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. The Government will:
• Increase the child care subsidies available to families with more than one child aged five and under in child care, benefiting around 250,000 families
• Remove the $10,560 cap on the Child Care Subsidy, benefiting around 18,000 families
Helping Business to invest and create jobs
The Government will extend temporary full expensing and the loss carry back measure announced in last year’s budget for another year. This 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.
It 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.
Protecting our Environment
In this Budget we are investing a further $1.6 billion to fund priority technologies, including clean hydrogen and energy storage.
The Morrison Government is building a more resilient and secure Australia, with $486.3 million in new environmental funding for oceans, biodiversity, recycling and waste, and climate resilience as part of the 2021-22 Budget.
Keeping Australians Safe
The Government is also providing an additional $1.9 billion over the decade to strengthen our national security, law enforcement and intelligence agencies.
To be prepared for a world that is less stable and more contested, the Government is also investing $270 billion over 10 years in our defence capability.
This Budget invests a further $1.1 billion in women’s safety, including: more emergency accommodation; more legal assistance; more counselling; and more financial support for those escaping abusive relationships.