Funds injection for roads and rail
Road and rail projects worth more than $7 billion are being fast-tracked to get the Australian economy moving again.
Deputy Prime Minister Michael McCormack says the shovel-ready projects will speed up supply chains and create thousands of jobs.
“We want to ensure our farmers and miners and other businesses can get their world-class goods to market faster and cheaper,” he told AAP on Monday.
“That will happen with better roads and better rail, which is why we’re continuing to invest in making our transport corridors more efficient with further investment in infrastructure in this budget.”
Prime Minister Scott Morrison said the cash injection would lay the foundations for an infrastructure-led recovery from the coronavirus economic crisis.
“We have been working closely with state and territory governments to invest in the infrastructure that is ready to go and can help rebuild our economy and create more jobs,” he said.
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“This investment through Tuesday’s budget will boost the national economy and support an estimated 30,000 direct and indirect jobs across the nation.”
Families who build a granny flat for an elderly relative will also be spared from capital gains tax if they formalise the living arrangement under changes to be outlined in the budget.
Treasurer Josh Frydenberg said waiving the tax would give seniors better housing security and save money for mum and dad investors.
The change is due to kick in on July 1 next year, subject to the passing of legislation.
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Personal income tax cuts will also be brought forward in Tuesday’s federal budget.
KEY INFRASTRUCTURE PROJECTS
* $200 million for Hahndorf Township upgrades in South Australia
* $750 million for stage one of Coomera Connector (Coomera to Nerang) in Queensland
* $560 million for Singleton bypass on New England Highway in NSW
* $528 million for Shepparton and Warrnambool rail line upgrades in Victoria
* $150 million for Midway Point and Sorell causeways in Tasmania
* $120 million to upgrade Carpentaria Highway in Northern Territory
* $88 million for Reid Highway interchange with West Swan Road in Western Australia
* $88 million for the Molonglo River bridge in the ACT.
– AAP
