Australia’s economy is pulling out of a tough period but is making real progress. According to the Australian Bureau of Statistics, 2017 saw the strongest year of jobs growth on record, with 415,000 more jobs created, three quarters of which were full time.
The 16 consecutive months of net job creation to January 2018 was the longest positive run since records began.
Our plan will create more jobs by backing small businesses, boosting exports, building vital road and rail infrastructure and making energy more affordable.
Backing business with tax relief
The Government has legislated tax cuts for around 3.3 million small and medium Australian businesses employing 6.8 million workers with annual turnover up to $50 million, as part of the Ten Year Enterprise Tax Plan.
The Government remains committed to ensuring that Australian businesses remain internationally competitive and will progressively reduce the corporate tax rate for all companies through the Ten Year Enterprise Tax Plan.
Small businesses will also benefit from the Government extending the $20,000 instant asset write-off for a further 12 months to 30 June 2019. These businesses will now have additional opportunities to reinvest in their business and replace or upgrade their assets.
Supporting jobs in a stronger, smarter economy
The Government is continuing to invest in science, medical research and technology to build a smarter economy and create more jobs, including:
A 21st Century Medical Industry Growth Plan will deliver $1.3 billion to support Australia as a global health industry leader in medical technology, biotechnology and pharmaceuticals.
An investment of around $2.4 billion over 12 years will boost Australia’s research, science and technology capabilities to build a smarter economy and give Australians the skills they need to prosper.
An investment of $1.9 billion in research infrastructure over 12 years will support Australia’s world-class research sector which has made breakthroughs like a new needle-free way to deliver vaccines and the cervical cancer vaccine.
Investment in digital infrastructure to improve the accuracy of GPS and satellite imagery will promote the competitiveness of sectors like agriculture, mining, and marine industries.
Support for the development of Australia’s artificial intelligence (AI) and machine learning capability to keep pace with global progress and improve our existing expertise in these technologies to maintain our competitiveness.