Gold Coast
Budget 2017

Gold Coast
Budget 2017

The 2017 Budget delivers greater opportunities for small business. We are providing funding to incentivise states and territories to cut red tape for small businesses and will extend the instant asset write off to small businesses for a further twelve months which is great news for small businesses on the Gold Coast

10 May 2017

The Turnbull Government is making the right choices to ensure our nation’s economic growth story continues, so we can secure better days ahead for hard-working Gold Coasters.

“Our economic growth has been hard won and we have consistently outperformed the largest advanced economies in the world; however, we shouldn’t take our success for granted,” local MP Steven Ciobo said.

“We are supporting hardworking Gold Coasters with a plan for more and better jobs, by securing the essentials they rely on and by easing cost of living pressures.

“Importantly for the Coast, the Coalition continues to provide record funding for tourism promotion. There is a strong focus on the inbound China tourism market, and through the 2017 China Australia Year of Tourism we are encouraging more people from China to visit Australia and the Gold Coast.”

Gold Coast 2018 Commonwealth Games

“The Government will commit $34.2 million over two years to support the Gold Coast 2018 Commonwealth Games and Queens Baton Relay,” Mr Ciobo said.

“We will also invest $11.7 million over two years from 2016-17 for related services associated with staging the Games which will be funded from within the existing resources of affected agencies.

“This builds on the $158.5 million already provided in the 2014-15 Budget.

“Additionally, in the lead up to the Gold Coast 2018 Commonwealth Games we’re investing $15.5 million to support our athletes and help inspire young Aussies. This will be the first step in a broader National Sports Plan.”

The Right Choices for Growth that Secures More and Better Paid Jobs

“The 2017 Budget delivers greater opportunities for small business. We are providing funding to incentivise states and territories to cut red tape for small businesses and will extend the instant asset write off to small businesses for a further twelve months which is great news for small businesses on the Gold Coast,” Mr Ciobo said.

“We are choosing to invest in building Australia with over $70 billion to transport infrastructure across Australia to reduce congestion, revitalise our cities and grow our regions, using a combination of grant funding, loans and equity investments.

“A $10 billion transformational National Rail Program will deliver rail projects across the nation that better connect our cities, regions and create new opportunities for housing, and grow the economy.

“And we are taking action to safeguard Australian jobs and make sure that Australians have the necessary training and skills to be job-ready with a new Skilling Australians Fund.”

The Right Choices for guaranteeing essential services

“In Budget 2017, the Turnbull Government is guaranteeing Medicare with a Medicare Guarantee Fund that will only pay for Medicare and medicines.  We are fully funding the NDIS to provide a secure future for Australians with a disability.   We are launching a fairer schools funding model that is needs-based, simple and transparent. And we are delivering affordable, accessible childcare for families with a simplified Child Care Package.  These essential services have been secured in the Turnbull Government’s Budget 2017,” Mr Ciobo said.

Placing downward pressure on rising costs of living

“The Turnbull Government understands that the cost of living is a priority for many Australians, whether it is being able to afford a roof over your head, or pay for rising power prices.  And that’s why the 2017 Budget tackles these costs,” Mr Ciobo said.

“We are working to keep the great Australian dream alive. There are no silver bullet solutions to making housing more affordable but we are working to help first homebuyers, downsizers and those in need of social housing.”

Skilling Australians Fund

The Turnbull Government has abolished 457 visas to protect Australian jobs and is replacing the scheme with a new program more suited to our economic needs. The Turnbull Government will introduce a new foreign worker levy for certain temporary and permanent work visas.

The funds raised from this levy will go to a new Skilling Australians Fund to give permanent funding for skills training, rather than rely on short-term funding.  When matched with State and Territory funding, it will support up to 300,000 apprentices, trainees, pre-apprentices and higher level skilled Australians.

Measures to address housing affordability

Allowing first homebuyers to save for a deposit in their superannuation, and attract generous tax concessions.

  • Superannuation incentives for older Australians downsizing.
  • Funding for homelessness and social housing, especially for domestic violence victims and youth.
  • Launching tougher real estate rules for foreign investors to make sure they pay their fair share of tax and don’t leave properties empty.
  • Increasing the CGT discount to 60% for affordable and social housing investment.
  • Securing new state agreements to require planning reform and delivers affordable housing supply.
  • A National Housing Infrastructure Fund and Commonwealth Land Bank to unlock land and infrastructure barriers.
  • Allowing negative gearing to continue for mum and dad investors securing their future and increasing rental housing stock.

Securing Reliable and Affordable Energy

“The Turnbull Government’s energy security plan will provide reliable and affordable energy for Australians coping with rising energy prices including by: securing access to our local gas resources for domestic use and ensuring consumers and businesses get a fairer deal,” Mr Ciobo said.

The Turnbull Government is also committed to progress major energy storage projects including pumped hydro in Snowy 2.0 and implementing changes agreed by COAG’s Energy Council to improve gas market efficiency and transparency.

Making sure the government lives within its means

“Because we know that living within our means allows the government to secure essential services and reduce pressure on living costs, the Turnbull Government continues to take responsible action to balance the budget,” Mr Ciobo said.

The Government will continue to ensure multinationals pay their fair share of tax. Our actions have already raised $2.9 billion in tax liabilities this financial year against a group of just seven large multinational companies, and are expected to raise more than $4 billion in total this financial year from large public groups and multinationals.

“We will also continue to focus on stopping people trying to take an easy ride on our welfare system by strengthening mutual obligation requirements for payments and cracking down on those seeking to get out of those obligations,” Mr Ciobo said.

“The Turnbull Government is also making our financial system better for customers and taxpayers through greater competition, accountability and fairness. This will include a Banking Executive Accountability Regime; an investigation into financial system competition and a levy on large banks, securing $6.2 billion to support budget repair,” Mr Ciobo said.

The Turnbull Government has made the right choices to secure better days ahead.