Federal Budget Boost for Builders
Overall the Federal Budget will boost confidence in Canberra’s building and construction industry. “Building and construction investment is a major driver of the improvement in the Budget position,” Michael Hopkins, CEO of Master Builders ACT said.
“Reducing the tax burden on households and small business is good for the ACT economy and good for builders and tradies. With secure jobs and extra cash in their pocket, Canberrans may decide to renovate their kitchen sooner or buy their first home faster,” he said. “It’s also great news that our many small businesses who are sole traders will also get tax relief in this Budget,” Michael Hopkins said.
“Master Builders called for more certainty for state and territory governments to sign up to the $1.5 billion Skilling Australians Fund (SAF) and the Government has listened. The SAF will focus on funding for new apprentice training initiatives, that are no longer conditional on a levy of skilled migration,” he said.
$250 million is available for state and territories in this financial year, with a financial incentive available for governments that sign-up to the SAF prior to June 7.
Mr Hopkins said, “Master Builders ACT will work with the ACT Government so that the Territory can secure a fair share of the SAF to train more apprentices in the building industry”.
“The Government’s infrastructure Budget will play a key role in setting the Canberra region up for future prosperity. The additional $100 million to upgrade the Barton Highway, $100 million to upgrade the Monaro Highway, together with $403 million for Canberra hospitals and $308 million for schools will boost the productivity and liveability of the region,” he said.
“Small businesses will benefit from the extension of the $20,000 immediate tax write-off scheme until 2019. There are more SMEs in building and construction than any other industry and this great news for mum and dad building business and tradies,” Michael Hopkins said.
Read the full Master Builders Australia summary on impacts for the Building and Construction industry here