Governor-General David Hurley has spelled out the government’s agenda for the next three years.
Dynamic Business have put together a summary from his recent speech of the policies that are most relevant to small businesses and startups.
Tax and economy
- See another 250,000 small and family businesses open over five years
- $158 billion worth of income tax cuts split across three stages spanning the next five years
- Deliver $45 billion in surpluses over the next four years
- Create 1.25 million jobs over the next five years, including jobs for 250,000 young people
- Eliminate net debt by 2030
- To see 10,000 more Australian companies exporting to the world by 2022
Industrial relations
- Measures to make it easier to de-register rogue unions and officials
- A review of workplace laws
Jobs
- $585 million commitment to improving skills and training — including creating 80,000 new apprenticeships and establishing 10 new training hubs in key locations of high youth unemployment in regional Australia
- Create National Skills Commission and a National Careers Institute
- Mid-career checkpoint to support people, particularly women, returning to work after caring for children or older relatives
Housing
- First Home Loan Deposit Scheme to allow people to access finance without having to save a 20 per cent deposit
- From mid-2020, first home buyers who have already saved at least 5 per cent of their deposit, and who earn up to $125,000 for a single person or $200,000 for couples, will be able to get better and earlier access to mortgage finance
Infrastructure
- $100 billion for a raft of major projects around the country
- Reduce the migration cap by 15 per cent and provide incentive for more new migrants to settle outside the big cities
Energy
- Introduce a default market offer for electricity and ban unconscionable late payment fees
- Five million eligible social security recipients will benefit from Energy Assistance Payments of $75 for singles and $125 for couples
Environment and climate
- Meet 2030 targets under the government’s Climate Solutions Plan
- Reduce waste and increase recycling
- Take up a global advocacy position with other nations in the region, like Indonesia, on the health of our oceans
(Source: Governor-General’s speech at the opening of the 46th parliament)
