Federal Budget 2021-2022
The 2021-2022 Federal Budget laid out plans to further stimulate Australia’s economic recovery and strengthen the job market through accelerated tax cuts and investment incentives for small and medium businesses.
To ensure a sustained economic recovery, the federal government has invested in spending across a variety of initiatives that accelerate businesses in delivering strong, inclusive and job creating growth over the longer-term.
Key measures include:
Accelerated reduction in tax rates for small and medium businesses from July 2021
Extended tax incentives and an accelerated reduction in the tax rate for small and medium businesses
$1.2 billion - Digital economy strategy will be created, covering digital skills training development of AI technology, and tax breaks for computer game developers.
$600 million initial funding for disaster preparation and mitigation projects
$10 billion reinsurance pool to subsidise high premium costs in North Queensland
$1.2 billion rescue package for the tourism and aviation industry to encourage domestic tourism and direct payments to airlines and travel agents.
$1.6 billion set aside for infrastructure projects throughout Queensland
Extending temporary full expensing and temporary loss carry-back to provide an additional $20.7 billion in tax relief over the forward estimates to support business investment and create jobs
Under the Agri-Business Expansion Initiative, $87.7 million to help diversify and expand export markets so farmers can continue to export our world-leading produce.
Advocating for additional support
To ensure Queensland can emerge with a reinvigorated, diversified and resilient economy CCIQ is committed to continue to advocating ahead of the Queensland State budget in June 2021.