Page 525 - Week 02 - Tuesday, 10 February 2009
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challenges front on and did we prevail? I believe that the challenge we face is virtually unprecedented and extraordinary times demand extraordinary measures. It is towards these extraordinary measures that I now turn.
The first is the Australian government’s $42 billion nation building and jobs plan. It will be remiss of any government to maintain record levels of surplus whilst our unemployment rose and our economy stagnated. The strong and decisive action by the Australian government will help support and sustain up to 90,000 jobs over the next two years and will provide a boost to the Australian economy of around one-half of one per cent of GDP in 2008-2009 and around 0.75 to one per cent of GDP in 2009-2010. Despite this, however, the unemployment rate is forecast to rise.
Returning to last week’s stimulus package, the ACT Treasury estimates that direct economic impact for the ACT is in the order of $350 million. This is in addition to the share of the $20 billion in tax bonuses for ACT households and tax concessions on investments for ACT businesses.
The Treasurer will provide the chamber with a more detailed analysis of the $350 million positive impact on the ACT economy. However, I would like to provide the chamber with the details of the $42 billion stimulus package and, importantly, the areas which are being targeted. They include: the $14.7 billion investment in building and rebuilding primary and secondary school infrastructure as well as maintenance and the bringing forward of the funding of trade training centres in schools; the $6.6 billion investment to boost the national stock of social housing by around 20,000; and the construction of an additional 802 defence homes. This money will also be available to fast-track repairs and maintenance for existing public housing.
There is the $3.9 billion program which provides ceiling insulation for home owners as well as for assistance to landlords to install insulation. This funding will be available for increasing solar hot water rebates to households.
There is also $2.7 billion for small business and general business tax breaks to assist small businesses and other businesses. There is an $8.2 billion tax bonus for working Australians. There is a $1.4 billion bonus for single-income families. There is a $20 million farmers hardship bonus, a $2.6 billion back-to-school bonus and, finally, a $511 million training and learning bonus. As I said, the Treasurer will provide more detailed figures on the impacts of the packages for the ACT.
However, it is important to highlight the diversity of the stimulus package, the targeted nature of the package and the ability of the stimulus package to reach into every Australian community. And this is the significant attribute of the packages. There is recognition of the need for spending to be dispersed to all communities and, where possible, for jobs to be protected.
I see that the Council of Small Business of Australia, in its February 2009 newsletter, concurred with the Prime Minister and the first ministers on the need to act now, for the projects to start now and for it to support the nation building package. While the debate is to continue in the Senate this week, it is interesting tonight that the Council of Small Business of Australia is supportive of the packages.
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