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The Federal Budget 2021 is slated to provide a significant boost to jobs and significant funding to a variety of sectors to facilitate an essential rebound from the COVID-19 pandemic.
The primary measures the budget identifies include:
- Personal income tax cuts;
- Business tax incentives;
- New apprenticeships and training places;
- More infrastructure; and
- Record funding for schools, hospitals, aged care, mental health and the NDIS.
More specifically, the budget includes:
- Tax cuts for low and middle-income earners.
- $3 billion in infrastructure funding for Victoria.
- Write-off opportunities for businesses with a turnover of up to $5 billion of any eligible asset they bought between the last budget and June 30, 2023.
- Extension of the HomeBuilder program to continue to support the property industry, with the grant expected to support over $30 billion in residential construction activity in total.
Further to the HomeBuilder program, the government has extended the First Home Super Saver Scheme and additional places have been added to the First Home Loan Deposit Scheme to offer further incentives to first home buyers to enter the property market. The Real Estate Institute of Australia (REIA) has further confirmed the positive property market outlook for buyers, sellers, investors and small businesses.
Outside of the residential sector, the aged care and childcare sectors are also set to see a boost in investment and interest, with a variety of subsidies and funding available to improve the provision of these facilities.
With the absence of investment in quarantine facilities or a plan to open the borders to foreign students or immigration, the Federal government is missing an opportunity to open up the economy quickly. However, the budget ultimately presents as a vital economic stimulus that will seek to offer a range of benefits and subsequently encourage the continued growth of the property industry.
An overview of the Federal Budget can be found here.
Author: Jack Lyons, Planner