The economic
recovery plan
This is our comeback
The Economic Recovery Plan is about rebuilding the economy and creating jobs, and includes measures that will benefit business and employers.
- Encourage more training to give people the skills they need to get a job.
- Incentives to help with investment.
- Temporary JobMaker Hiring Credit.
- Tax refunds.
We’re lowering taxes so you can grow and
invest in your business and create more jobs.
Temporary JobMaker Hiring Credit
Providing incentives of up to $200 a week for 12 months for businesses to create more jobs for young employees aged between 16 – 35 years old.
Tax refunds for losses against prior year profits
Helping companies with turnover up to $5 billion to temporarily, up to June 2022, offset tax losses against previous profits and tax paid in or after 2018-19.
Temporary full expensing
Introducing temporary full expensing of eligible depreciable assets for businesses with turnover up to $5 billion.
Research & Development tax incentive
Supporting 11,400 companies by increasing the Research and Development (R&D) tax offset.
Boosting Apprenticeship Commencements wage subsidy
Paying a 50% cent wage subsidy, up to a cap of $7,000 per quarter, to businesses of all sizes, in all industries, who take on new apprentices and trainees until 30 September 2021.
Supporting Apprentices and Trainees wage subsidy
Eligible small and medium businesses can apply for a wage subsidy of 50 per cent of an eligible apprentice or trainee’s wages paid until 31 March 2021.
We’re accelerating reforms and investments to help businesses adopt new digital technologies.
Reforms that will lower the costs of doing business and allow you to choose how you interact
with your customers and shareholders.
Digital Business Plan
Accelerating reforms and investments to enable greater adoption of digital technologies.
Investing in the NBN
Investing an additional $4.5 billion in the NBN to bring ultra-fast broadband to millions of businesses.
We’re making it easier for business to invest, create jobs,
respond quickly to challenges and seize opportunities.
Cutting Red Tape initiative
Streamlining and digitising regulatory processes, saving businesses time and money.
Making it easier to export
Removing barriers to exports to make it easier for Australian businesses to access international markets.
Removing barriers to credit and supporting the flow of credit
Removing unnecessary barriers to the flow of credit so that consumers can continue to spend and businesses can invest and create jobs. Supporting up to $40 billion in lending by guaranteeing 50 per cent of eligible new loans to SMEs.
We’re delivering the infrastructure Australia needs, including fast tracking
shovel-ready projects and supporting 40,000 jobs during their construction.
Infrastructure investment
Investing in new and accelerated infrastructure projects in every state and territory creating thousands of jobs.
Fast tracking shovel-ready projects
Recent commitments under the $110 billion infrastructure investment pipeline will reduce congestion and save lives on regional roads, supporting 40,000 jobs across Australia.
We’re creating new opportunities for Australia’s construction industry
and boosting jobs by supporting housing supply.
Expanding the First Home Loan Deposit Scheme
Expanding the First Home Loan Deposit Scheme with 10,000 additional places specifically for new homes to support jobs in the residential construction industry.
Extra funding for low-cost finance from the National Housing Finance and Investment Corporation
Providing low-cost finance to eligible applicants, including community housing providers, to help build more affordable housing.
We’re supporting Australian industries by creating high value jobs, improving our competitiveness,
and ensuring we have access to the essential products needed to keep us secure and resilient.
Modern Manufacturing Strategy
Helping Australian manufacturing scale-up, become more competitive and build more resilient supply chains.
Strengthening our Defence industry
Bringing forward $1 billion towards targeted capability and workforce initiatives to support the Australian defence industry sector and the wider community.
Supporting the arts industry
Supporting artists and organisations to get back in business through the $250 million COVID-19 Creative Economy Support Package, including the Restart Investment to Sustain and Expand Fund, the Show Starter Loan Scheme, Temporary Interruption Fund and the COVID-19 Arts Sustainability Fund.
We’re committed to securing Australia’s electricity, fuel and gas supplies
to keep prices low, create new jobs and support local industries.
Securing electricity supply and lower prices
Maintaining low electricity prices by working with industry and the states to deliver accelerated electricity projects and create over 4,000 jobs.
National Gas Infrastructure Plan
Strengthening our economy and identifying priority projects, ensuring gas is delivered when and where it is needed.
Fuel Security Plan
Increasing the resilience of the economy to international fuel supply shocks and helping secure jobs in fuel-centric industries.