Funding for WA road and rail projects, an extended small business tax write-off and incentives for the housing market were highlights of the 2017 Federal Budget.
Small businesses (those with annual revenue of up to $10 million) will benefit from the $20,000 instant asset write-off tax concession being extended to June 2018.
As announced over the weekend, the Federal and State Governments have agreed on a transport infrastructure funding package that includes $1.1 billion worth of road projects planned to commence in 2017 or 2018.
The package also includes $1.2 billion for Metronet rail projects, subject to positive business cases.
At a national level, Infrastructure Partnerships Australia (IPA) says the Federal Budget has cut project funding by $7.4 billion over the forward estimates and sees infrastructure funding at its lowest level in more than 10 years. Read the IPA announcement here
A new National Housing Infrastructure Facility (NHIF), commencing July 1 next year, will provide $1 billion over 5 years to help local governments provide transport, power and water infrastructure.
The Housing Industry Association welcomed other moves to stimulate the housing market including l the $1.8 billion National Housing and Homelessness Agreement and the $300,000 “downsizer incentive”. Read the HIA release here
The Chamber of Commerce and Industry WA (CCIWA) says the Federal Government has made use of ‘good debt’ and ‘bad debt’ identifiers to describe changes in the fiscal balance. Click here to read CCIWA’s analysis of the path to surplus by 2020/21.