For the first time in twelve years, Australia’s Federal Budget is back in surplus.
The Morrison Government has delivered a $7.1 billion surplus in the 2019-20 Federal Budget, with a forecasted total of $45 billion in surpluses over the next four years.
The Budget delivers $158 million in immediate tax relief for low and middle income earners; including up to $1,080 for singles, and $2,160 for dual income families.
Member for Moore, Ian Goodenough MP said 69,447 taxpayers in Moore will benefit from the Government’s enhanced personal income tax plan, with 25,313 receiving the full tax offset to help relieve cost of living pressures.
Small and medium sized businesses are also a big winner, with the Budget providing additional tax relief and expanding access to the instant asset write off.
“The immediate increase of the instant asset write-off from $25,000 to $30,000 will directly benefit 16,473 businesses in Moore, enabling them to invest in machinery and equipment to improve productivity,” Mr Goodenough said.
In this Budget, the Government is committing record funding of $21.6 billion in 2019-20 to strengthen the safety, quality, access to and integrity of Australia’s aged care system.
An investment of $725 million will provide, 10,000 new home care packages bringing to 40,000 the number of new packages announced over the last 18 months.
“In Moore, 12,039 Age Pensioners will benefit from additional increases to pension payments in March and September each year.”
Our stronger economy has enabled the Morrison Government to deliver record federal funding for public hospital services, increasing from $13.3 billion in 2012-13 when Labor left office to a record $21.7 billion this year, and it will grow to $26.2 billion in 2022-23. This Budget delivers $2.4 billion in public hospital funding to Western Australia.
The Government’s $525 million investment in the Vocational Education and Skills sector will equip Australians with the skills they need for work now and into the future. Up to 80,000 additional apprentices will be created over five years to boost occupations currently experiencing skills shortages including carpenters, plasterers and plumbers.
“Our Government is committed to investing in education. Funding for all 42 public schools in Moore is increasing by around 70% per student over a decade to 2029.”
Western Australia will benefit from the Liberal Government’s record $100 billion infrastructure investment over ten years with an additional $1.6 billion delivered in the 2019-20 Budget, bringing total infrastructure investment in the state to more than $13 billion from 2013-14.
The Federal Budget is back in the black, and Australia is back on track.