2020 Federal Budget

Jeremy Rockliff,Acting Premier & Treasurer

The Tasmanian Liberal Government welcomes key investments in the 2020 Federal Budget which will help us continue to deliver our Plan to rebuild a stronger Tasmania.

Complementing our $3.1 billion construction blitz which will underpin around 15,000 jobs, the Tasmanian Government welcomes an additional $401 million investment in our roads and infrastructure, including:

*$150 million for the Hobart to Sorell Corridor;

*$72 million for the Tasman Roads Package;

*$65 million for the Tasman Bridge Upgrade;

*$52 million for ongoing safety upgrades to the Midland Highway as part of our 10 Year Action Plan;

*$40 million for Bass Highway Upgrades; and

*$12 million for Freight Bridge Upgrades.

These important infrastructure projects will support an estimated 2,200 jobs in Tasmania at a time when we need them most as we build our way out from the economic impact of COVID-19.

The Tasmanian Government is also focused on job creation and the Australian Government’s $4 billion JobMaker Hiring Credit and $1.2 billion investment to create new apprenticeships will help stimulate the economy and get even more Tasmanians into work.

Further, a major measure to immediately support all Tasmanian businesses includes an instant asset write off to include the full cost of capital assets to help businesses with cashflow.

The Tasmanian Government also welcomes the personal income tax cuts to stimulate the economy and put downward pressure on the cost of living across the State with more than 165,000 Tasmanians to benefit. The average full time worker in Tasmania will receive the full benefit of $1,080.

Additionally, the increase in the Low Income Tax Offset from $445 to $700 will benefit almost 145,000 Tasmanians.

Importantly 72,000 Tasmanian aged care pensioners will receive two further cash payments of $250.

We also welcome the Federal Government’s announcement of Workforce Retention Bonus Payments for the Aged Care Sector, and importantly extending the sectors COVID-19 preparedness measures.

Pleasingly, the Commonwealth have also provided funding of $94 million to progress the delivery of the design and approval phase of the Marinus Project which will inject up to $7.1 billion into our economy and create thousands of jobs in our regional areas.

The Budget also includes an additional $424 million for specific purpose payments to Tasmania including $50 million for our State’s public health response to COVID-19 and $80 million from the National Water Infrastructure Development Fund.

Pleasingly, the Commonwealth’s GST Forward Estimates are comparable to Treasury’s August Economic Fiscal Update for 2020-21 and the Forward Estimates contained in the 2019-20 State Budget.

The Tasmanian Government will continue to work with the Federal Government to ensure we are doing everything we can to support investment and jobs and get Tasmanians into work.

The State Budget 2020-21 will be delivered on November 12

/Public Release. The material in this public release comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.