
4 minute read
DAVE SHARMA, Fed. Member for Wentworth
Since last year’s Budget almost 500,000 jobs have been created, and today there are 75,000 more Australians in work than there were before the COVID-19 pandemic. Our economic recovery is well underway, but there is still a considerable journey ahead.
This year’s Budget will help secure Australia’s economic recovery, create more jobs, protect our health, and guarantee essential services. Household incomes are supported with the extension of the low and middle-income tax offset, meaning more people will keep more of what they earn. Around 58,400 taxpayers in Wentworth will benefit from this.
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We are supporting small and medium businesses to invest and grow, with the extension of the expanded instant asset write-off and loss carry-back provisions. Around 33,500 businesses in Wentworth will benefit from this.
We are investing an additional $1.7 billion to make childcare more affordable and more accessible, and give parents, and especially women, the choice to work extra hours and days. Under these changes, 250,000 families will be better off by an average of $2,200 per year.
Investing in the health of Australians, $2.3 billion has been committed to expanding the provision of mental health services. More medicines are being listed on the PBS to treat breast cancer, lung cancer, osteoporosis, migraine, eczema, and asthma.
We are looking after our senior Australians with $17.7 billion in new funding to improve the safety and quality of aged care and provide new home-care packages. This record investment in aged care will help the 22,267 senior Australians living in Wentworth. We are scrapping the $450 monthly income threshold for the superannuation guarantee, helping to improve equity in the superannuation system.
A further $1.1 billion is being committed to support more emergency accommodation,
DAVE SHARMA
FEDERAL MEMBER FOR WENTWORTH
Dave Sharma, Federal Member for Wentworth with Treasurer Josh Frydenberg
legal assistance, counseling, and financial support for those escaping domestic violence to keep women and children safe.
This Budget provides over $480 million in new funding for the environment, including $100 million to protect our oceans. We are also upgrading our recycling capabilities, creating jobs, and reducing waste sent to landfills. We will be investing a further $1.6 billion to fund priority technologies to help reduce emissions.
The Budget will help drive innovation through a new ‘patent box’, simplified tax treatment of employee share ownership schemes, and our $1.2 billion Digital Economy Strategy.
We are getting younger Australians into home ownership, through investment in expanding affordable housing and making it easier to save a deposit through schemes such as the First Home Super Saver Scheme and the First Home Loan Deposit Scheme. We are also establishing the Family Home Guarantee to assist 10,000 eligible single parents to enter the housing market with a two percent deposit.
To free up housing stock for younger families, those aged over 60 will be able to contribute up to $300,000 into their superannuation if they downsize their home.
Our economy has come through the COVID-19 pandemic stronger position than most other countries because of our strong balance sheet and the unprecedented fiscal assistance and support we were able to provide.
The pathway to fiscal consolidation lies through economic growth, not austerity. Already this year’s Budget deficit is $52 billion lower than was expected just six months ago, with more Australians back at work.
For more information on the budget, please feel free to be in touch with my office.
9327 3988 www.aph.gov.au
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New pedestrianised plaza for Double Bay
Artist Impression - New pedestrianised plaza for Knox St, Double Bay
A $4.75 million grant from the Mayor of Woollahra Susan Wynne said, NSW Government under the Public “We are so grateful for this funding from Spaces Legacy Program has been the NSW Government, which will further received to create a new public enhance Double Bay’s commercial centre plaza at Knox St, Double Bay. by providing a whole new experience as well as expanded and safer “This is a great result for the local pedestrian access. community and will absolutely enhance Knox Street which has always been at the heart of our Double Bay Village,” Member for Vaucluse Gabrielle Upton said. “It’s such an exciting project that will completely transform Knox St and further add to the growing popularity of Double Bay,” the Mayor said. “The project creates a new public pedestrian area on Knox Stwith new lighting, plantings, public art and seating so that it is an enjoyable and well-designed place for our whole community to enjoy.” Ms Upton said. The new plaza will be ready to enjoy by the end of 2022.