BENDIGO has missed out on any specific budget packages, despite a suite of measures aimed at regional Victorian areas.
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Asset write offs for business, tax cuts for individuals, construction, and funding for construction and first home buyers were among the 2020-21 budget's key packages.
Bendigo MP Lisa Chesters said it was disappointing to see no local infrastructure spending in the electorate, despite funding for other areas.
It comes despite $1.1 billion allocated to specific priority road and rail projects in Victoria.
An upgrade to Bendigo's airport was key to the city's budget wish list, as envisioned by business leaders.
Read more: The winners and losers in this year's budget
Ms Chesters said her only glimmer of hope was Treasurer Josh Frydenberg flagging extra funding for small projects, such as roads, buildings and footpaths.
"Bendigo against has missed out again on its fair share," Ms Chesters said.
The budget included a temporary asset write off for businesses with a turnover of up to $5 billion. It will allow these businesses to deduct the full cost of eligible depreciable assets of any value, the year they were installed.
Companies will also allow companies to offset losses against previous profits on which tax has been paid to generate a refund.
Ms Chesters said write offs were not what Bendigo businesses needed, as they were without any income with which to buy assets.
"As businesses say to me ... you've got have the money to spend [and] you've got to have made a profit to write it off," she said.
Liberal Senator Sarah Henderson said she was delighted Bendigo residents would receive a major boost in the 2020 federal budget.
Ms Henderson said tax cuts for small businesses and workers, support for young job seekers, and investment in manufacturing would deliver unprecedented support for Bendigo.
The budget has also brought forward planned tax cuts, backdated to July 1 2020.
The top threshold of the 19 per cent personal income tax bracket will increase from $37,000 to $45,000. The Low income tax offset will increase from $445 to $700. The top threshold of the 32.5 per cent income tax bracket will increase from $90,000 to $120,000.
Ms Chesters said tax cuts slated by the budget would only mean about $50 extra for the average worker per fortnight, but were set against a $300 per fortnight loss for those on JobKeeper.
The budget measures come as the government faces a gross debt forecast of 44.8 per cent of the gross domestic product by the end of 2020-21.
Ms Chesters said the budget failed to recognise that Victoria was still directly suffering the effects of the COVID-19 crisis.
Liberal Senator Sarah Henderson was not available for interview on budget night.
Key budget measures
Tax cuts
- The top threshold of the 19 per cent personal income tax bracket will increase from $37,000 to $45,000. The Low income tax offset will increase from $445 to $700. The top threshold of the 32.5 per cent income tax bracket will increase from $90,000 to $120,000.
Housing construction
- 10,000 places added to the First Home Loan Deposit Scheme
Businesses
- A temporary tax incentive allowing deduction of the full cost of eligible depreciable assets the year they are installed, until June 30, 2022
- Companies can offset losses against previous profits on which tax has been paid to generate a refund, losses incurred up to 2021-22 can be carried back against profits made in or after 2018-19
Hiring credits
- Incentives for businesses to take on young job seekers aged 16 to 35 years old
Education, skills and apprenticeships
- A JobTrainer program
- Short courses
Women
- A $240.4 million Women's Economic Security Statement package
Australians in need
- Two $250 economic support payments for pensioners and other eligible recipients
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