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The Morrison government policies SMEs should know



Featured | Small Business

By Loren Webb

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)

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