Industry Specific Measures
In welcome news, the Government has announced a new Modern Manufacturing Strategy as part of its JobMaker plan to stimulate the Australian economy through its recovery from the COVID-19 pandemic.
The Federal Government has committed more than $12.5 billion in additional infrastructure funding across the country as part of its JobMaker Plan.
The 2020-21 Federal Budget looks strong for agribusiness and agriculture more broadly. It contains measures to bolster the ranks of on-farm workers in the absence of new working holiday makers, increase funding for drought preparedness program, and cash for critical infrastructure projects – all of which should improve the sustainability, competitiveness and efficiency of the sector.
The Government has continued its commitment to creating jobs through housing - building upon the HomeBuilder Grant and First Home Loan Deposit Scheme. Over the next four years a further $0.6 million will be committed towards boosting housing demand and supporting the residential construction industry.
BDO welcomes the additional funding to support new and emerging technologies across a variety of sectors. In particular, the encouragement of industry-led collaboration with research centres, as well as the focus on a rural recovery and new energy technologies is a positive step to developing an innovative and resilient economy.
The Government announced several measures to support Australian students and higher education providers to safeguard them from the ongoing impacts of the COVID-19 pandemic.
Reforms will be introduced to support small business with changes to the insolvency framework.
The third stage of the Government’s COVID-19 childcare support measures have been confirmed and take effect from 28 September 2020 to 31 January 2021. Aimed primarily at supporting the industry, employees and parents in Victoria, the benefits can be extended if similar outbreaks occur elsewhere in the country and restrictions come into force.