The Liberal-National Government has continued to deliver for Canberra with the unveiling of the 2020-21 Budget.
Our Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure our future, by building on the biggest investment in Canberra by a Commonwealth Government in a generation.
Under our plan, around 230,000 taxpayers in the ACT will receive tax relief for the 2020-21 financial year, with 200,000 taxpayers to receive up to $1,080 for lower and middle income earners, and $2,160 for dual income families, injecting more than an additional $200 million into the ACT economy.
“This means more money in the pockets of Canberra households to assist with the cost of living, but also to help generate economic activity and create jobs,” Senator Seselja said.
The 2020-21 Budget delivers for Canberrans with a further $155 million investment package for priority Canberra road projects, to support the economic recovery and 792 jobs in the ACT.
The Liberal-National Government is delivering $50 million for much needed upgrades to the Tuggeranong Parkway including widening the parkway, making commutes for Canberrans safer and faster. $88 million has been committed towards the Molonglo River Bridge, and our investment in the Monaro Highway has been increased to $115 million.
Canberrans are already seeing the benefits of infrastructure investment in the ACT, with works underway on sections of the Monaro Highway and expected to begin shortly on $17.6 million of shovel ready road safety projects announced in the July Economic and Fiscal Update (JEFU).
By bringing the Budget back to balance for the first time in 11 years and maintaining our AAA credit rating we entered the crisis from a position of economic strength, providing us with the fiscal firepower to respond when we needed it most.
Since the onset of the pandemic, the Government has provided $257 billion in direct economic support to cushion the blow and strengthen the recovery. This includes $715 million in JobKeeper payments and $528 million in cash flow boost credit amounts to ACT residents and entities.
“We’re supporting Canberrans to get back to work and businesses to rebuild, grow, and create jobs,” Senator Seselja said.
“Young Canberrans will benefit from our $4 billion JobMaker Hiring Credit program, which will be payable immediately to employers who hire eligible employees.”
“We are also further assisting first home buyers and the construction sector by extending the First Home Loan Deposit Scheme to another 10,000 places and providing an additional $1 billion of low-cost finance to support the construction of affordable housing,” Senator Seselja said.
“Further, our incentives for businesses to invest in their business will create more economic activity and jobs in the Canberra community.”
“Tax relief for Canberra businesses includes allowing 99 per cent of businesses to deduct the full cost of depreciable assets in the year they are installed, and allowing companies with a turnover of up to $5 billion to offset losses against previous profits on which tax has been paid to generate a refund,” Senator Seselja said.
Since coming to Government in 2013, the Liberal-National Government has more than doubled funding for our hospitals, from just $202 million in the last Labor-Greens Budget to more than $440 million in 2020-21, and an additional $32 million to support the COVID-19 public health response.
Our Education system in Canberra is also better off, with a record $355 million to be delivered for ACT schools this year. Total Commonwealth funding to the ACT has increased by forty-seven percent since we came to Government to a total of $2.4 billion in the 2020-21 Budget.
Our national intuitions will benefit from $60 million worth of additional funding, including a $31.2 million injection announced for our institutions in the JEFU. The additional funding announced in the 2020-21 Budget will see:
- $2.5 million for the National Film and Sound Archive
- $4.5 million for the National Gallery of Australia
- $5.4 million for the National Library of Australia
- $3.9 million for the National Museum of Australia and
- $1.2 million for the National Portrait Gallery of Australia
As a key part of the Canberra economy, the Australian Public Service will also see a significant boost in staffing levels as the Government continues to respond to the COVID-19 pandemic and back business recovery, with around half of the 4,000 additional positions expected to be here in Canberra.
The Commonwealth Scientific and Industrial Research Organisation (CSIRO) will receive a $460 million boost in tonight’s Budget, supporting its essential research activities over the next four years.
The Australian Academy of Science will receive $9.6 million to deliver resources and professional learning for teachers in a boost for jobs in Canberra, and a $1 billion national package to safeguard Australia’s research sector against the impacts of COVID-19 will benefit Canberra researchers and universities.
“Today’s Budget has shown continued investment in Canberra by the Liberal-National Government, building on more than $1 billion in infrastructure investment in Canberra in the last 2 years alone,” Senator Seselja said.
Recent investments in the ACT include:
- $500 million for the Australian War Memorial expansion
- $115 million for the Monaro Highway
- $50 million for the Tuggeranong Parkway
- $150 million for the Barton Highway
- $33.4 million for the construction of a new health centre at RMC Duntroon
- $80 million for the National Gallery
- $20 million for the duplication of William Slim Drive
“The Liberal-National Government’s Economic Recovery Plan for Australia will create jobs, rebuild our economy and secure Australia’s future,” Senator Seselja concluded.