WHAT IT MEANS FOR YOU

HARD-WORKING couples will be about $1000 better off each year in a raft of tax reliefs announced in last night’s Federal Budget.

Treasurer Scott Morrison said workers earning more than $37,000 a year would each have their income tax cut by up to $530.

Mr Morrison also wants to ease the pain of those who endure the great Australian crawl of the M1 each day, with the Federal Government honouring its commit to spend $1 billion on pressure points on the state’s busiest road.

It is now up to the State Government to join him for the ride up the Pacific Motorway by coughing up $1 billion of its own money.

The other key points for the Coast in the Treasurer’s speech last night include:

● The spotlight to be put on the Asian market by Tourism Australia and increased focus on attracting and hosting business events and creating signature experiences in the wake of the Commonwealth Games.

● A crackdown on businesses that deliberately go bust to avoid paying bills, with new anti-phoenixing measures at a cost of $40 million across forward estimates.

● Extending the popular small business asset writeoff program, open to those with a turnover of up to $10 million to instantly write off purchases of up to $20,000.

● Bigger tax offsets for research and development companies, which will boost the Health and Knowledge precinct.

● Families with a combined income of $187,000 or less – more than 85 per cent of families with kids in childcare – will no longer have a limit on the Child Care Subsidy.

● Older Australians will be allowed to earn an extra $1300 a year, increasing the fortnightly threshold from $250 to $300, without hurting their pensions. Selfemployed retirees can earn up to $300 a fortnight.

● $140 million to attract big-budget films to Australia, with the Glitter Strip one of the major locations following the successful attraction of the soon-to-shoot Dora the Explorer.

● The Government is promising power bills will fall by $400 on average for every Australian household once the national energy guarantee kicks in from 2020.

● The number of agedcare facilities to increase by 14,000 across four years at a cost of $1.6 billion.

The Government’s needs-based funding at schools will deliver $24.5 billion in benefits or 50 per cent more per student in the next decade.

No increase is to occur in the Medicare levy.

Mr Morrison said the budget deficit remained at $18.2 billion, less than half it was just two years ago and it would fall again to $14.5 billion in 2018-19.

The Budget was on course for a projected surplus by 2020-21 of $11 billion and $16.6 billion the following year.

“Real expenditure growth remains at 2 per cent, the most restrained of any government in more than 50 years,” Mr Morrison said.

In discussing the Government’s focus on busting transport congestion, he said: “Our $75 billion, 10year rolling infrastructure plan will continue ... Tulla Airport Rail, Western Sydney Airport Rail, Brisbane Metro, Perth Metronet, the M1 upgrade on the Gold Coast.”

On the back of the transport strategy, the Treasurer announced a $1 billion Urban Congestion Fund to support projects at a state level to fix pinch points and improve the flow of traffic. The Government reaffirmed its commitment to the Metro, a new public transport system to revitalise Brisbane’s CBD.

The Government is also moving forward with a $9 billion inland rail link between Melbourne and Brisbane which will reduce freight on major roads.

Stage three of Gold Coast light rail, which will connect the trams from Broadbeach south to Burleigh, is yet to get the tick for funding because the Gold Coast City Council needs first to complete a business case.

Former Commerce of Chamber boss John Witheriff was optimistic the Budget would ensure the Gold Coast avoided a post-Commonwealth Games hangover.

“I’m very buoyed by the view that the economy is strengthening which means that the Gold Coast should avoid a downturn and maintain strong job growth,” Mr Witheriff said.

“If this view from the Treasury holds true, the Gold Coast is in for a particularly buoyant economic period.

“The fear of a post-Games recession can confidently be put to rest.”