The 2019-20 Budget is the next stage of the Morrison Government’s plan to build a stronger economy and secure a better future for Gold Coasters.
Local MP Karen Andrews said this Budget delivers the first surplus in more than a decade, creates more local jobs, lowers taxes and guarantees essential services like schools, hospitals and roads.
“After more than a decade of deficits, this budget forecasts a surplus of $7.1 billion in 2019-20 – a $55.5 billion turnaround from the deficit we inherited seven years ago,” Minister Andrews said.
While the Budget forecasts a surplus, it also delivers an additional $158 billion in income tax relief for hard-working Australians, on top of the $144 billion in tax cuts locked into legislation last year.
“This includes immediate tax relief of up to $1,080 for low and middle income earners and up to $2,160 for a dual income couple to ease cost of living pressures,” Minister Andrews said.
“We are also backing small business by increasing the Instant Asset Write Off to $30,000 and expanding its access, benefiting more than 70,000 Gold Coast small businesses.
“The Gold Coast is the small business capital of Australia and our hard-working business owners are feeling the benefit of a Government that backs them.
“Increasing the instant asset-write off and expanding those who can access it will mean businesses can invest in growing and when they grow, so does the local economy and so do the number of local jobs.”
This Budget also guarantees the essential services people on the Gold Coast rely on, like schools, hospitals, aged care and disability support.
To assist with their next power bill and the cost of living, the Morrison Government will provide a one off, income tax exempt payment of $75 for singles and $125 for couples on the aged pension, veterans, carers, disability pensioners and single parents.
The Budget provides record health spending of $81 billion in 2019-20, increasing to $89.5 billion in 2022-23.
For schools, record funding will ensure teachers have the support they need to prepare students for the future. It also includes $30 million for the Local School Community Fund that will allow communities to fund projects such as upgrades to libraries, classrooms and play equipment.
The Budget will also deliver a record infrastructure investment of $100 billion over the next decade, getting families home sooner and safer and unlocking the potential of our regions.
This includes $500 million to ease the commute for Gold Coasters heading to Brisbane on the M1 from Daisy Hill to the Logan Motorway, building on the over $500 million previously secured to widen the M1 to Tugun. The Coalition has also previously committed $112 million for Stage 3A of the Light Rail from Broadbeach to Burleigh Heads and $8 million for a business case into fast rail from the Gold Coast to Brisbane and to explore extending heavy rail from Varsity Lakes to Gold Coast Airport.
“This Budget is about easing cost of living pressures, guaranteeing essential services and building new congestion busting infrastructure to ensure families on the Gold Coast can get home easier and safer,” Minister Andrews said.
“This is all possible because of the Morrison Government’s strong economic and budget management.”