We are on track to come back
Australia’s economic recovery is on track to come back
There are now more people in work than before the COVID-19 pandemic.
To keep us on track, the Economic Recovery Plan is working to create jobs and deliver measures that will benefit individuals and households.
- Business incentives
- More training places
- Cutting taxes for small and medium businesses
BUSINESSES & EMPLOYERS
We’re providing tax incentives so you can grow and invest in your business.
TAX REFUNDS FOR LOSSES AGAINST PRIOR YEAR PROFITS
Continuing to help companies with turnover up to $5 billion to offset tax losses incurred from 2019‑20 to 2022‑23 against previous profits and tax paid in or after 2018‑19.
TEMPORARY FULL EXPENSING EXTENSION
We’re extending the temporary full expensing of eligible depreciable assets for businesses with turnover up to $5 billion, to 30 June 2023. This extension will enable businesses experiencing COVID‑19 related supply disruptions, or considering investing in projects requiring longer planning times, to take advantage of the incentives.
ENCOURAGING AUSTRALIAN RESEARCH & DEVELOPMENT
Encouraging investment in Australian medical and biotech technologies by introducing a patent box. The patent box will reduce taxes on eligible income from innovative research to encourage businesses to undertake their R&D in Australia and keep patents here.
BOOSTING APPRENTICESHIP COMMENCEMENTS
An additional $2.7 billion will extend the Boosting Apprenticeship Commencements program.
Businesses or Group Training Organisations that engage an Australian Apprentice may be eligible for a subsidy of 50 per cent of wages paid, for a 12‑month period from the date of commencement, to a maximum of $7,000 per quarter.
TEMPORARY JOBMAKER HIRING CREDIT
We’re providing incentives of up to $200 a week for 12 months for businesses to create more jobs for young employees aged 16 ‑ 35 years old.
We’re increasing investments in digital infrastructure, skills and incentives to help businesses adopt new digital technologies, support new ways to work, enhance productivity and lower the costs of doing business.
DIGITAL ECONOMY STRATEGY
We’re investing in digital infrastructure to support Australian businesses and workers.
CONSUMER DATA RIGHT
We’re expanding and accelerating the roll out of the Consumer Data Right across the economy, starting with banking and energy, then moving to telecommunications. This will provide individuals and businesses with greater access to their consumer data and assist them to get better deals.
HELPING SMALL AND MEDIUM BUSINESSES TO BUILD DIGITAL CAPABILITIES
We’ll be helping Small and Medium Enterprises (SMEs) to work and do business in new ways, increasing profit and saving time.
INCENTIVES FOR BUSINESSES TO GROW INVESTMENT IN DIGITAL TECHNOLOGIES
Delivering tax incentives for businesses to stimulate investment in digital technologies to enhance their productivity and grow and create jobs.
Investing in the NBN
Continuing to deliver the NBN to bring ultra-fast broadband to millions of businesses and regions.
We’re making it easier for business to invest, create jobs,
respond quickly to challenges and seize opportunities.
Cutting Red Tape initiative
We’ll be streamlining and digitising regulatory processes, saving businesses time and money.
New markets for our exports
Growing Australia’s export markets through diversification. $87.7 million to help farmers diversify and increase their exports.
Export Market Development Grants program which provides support to small and medium sized enterprises establishing or expanding their export business.
Supporting SME access to credit
The Small and Medium Enterprises (SME) Guarantee Scheme supports eligible Small and Medium businesses to access credit through guaranteeing 50 per cent on an unsecured or secured loan.
Building on the SME Guarantee Scheme, the SME Recovery Loan Scheme includes more generous features, including increasing the guarantee to 80 per cent, helping eligible SMEs through the COVID‑19 pandemic by increasing lenders’ ability to provide credit.
We’re delivering the infrastructure Australia needs, supporting jobs now and into the future and helping build Australia’s way back from the COVID‑19 pandemic
Local roads and community infrastructure program
Following strong community and local government support, the Australian Government is continuing to boost Australia’s economic recovery by continuing the Local Roads and Community Infrastructure (LRCI) Program. This $2.5 billion commitment will further assist our local communities in emerging from the pandemic stronger and more resilient.
We’re investing $15.2 billion for infrastructure projects in every state and territory supporting thousands of jobs.
The Government’s $110 billion 10‑year infrastructure investment pipeline is supporting jobs, driving growth and helping to build Australia’s way back from the COVID‑19 pandemic.
We’re creating new opportunities for Australia’s construction industry
and boosting jobs by supporting housing supply.
Expanding the First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme has been expanded with an additional 10,000 places specifically for new homes, to support jobs in the residential construction industry.
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 and encourage residential construction.
NEW HOME GUARANTEE
A further 10,000 places under the New Home Guarantee for eligible first home buyers building or purchasing a new home.
EXTENSION OF HOMEBUILDER FOR EXISTING APPLICANTS
Extending the time frame for commencement of new builds for existing HomeBuilder applicants, from six months to 18 months. This extension will bring $774.8 million to the residential construction sector.
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
We’re helping Australian manufacturing scale-up, become more competitive and build more resilient supply chains.
Supporting the arts industry
We’re supporting Australia’s cultural and creative sector with more than $200 million in additional targeted support.
- An additional $125 million to expand the Restart Investment to Sustain and Expand Fund.
- Extension of the $50 million Temporary Interruption Fund.
- $20 million to establish the Supporting Cinemas’ Retention Endurance.
CONTINUING SUPPORT FOR AVIATION
Industry Wide Assistance for the aviation sector throughout the COVID‑19 pandemic totalling $4.5 billion.
Key initiatives include an additional $1.2 billion targeted support package to the aviation and tourism sectors to maintain essential air services, boost domestic tourism in our regions and protect tourism and aviation jobs.
CONTINUING SUPPORT FOR TOURISM INDUSTRIES
We’re also supporting Australian Exhibiting Zoo and Aquariums whose tourism revenue stream has been impacted by travel and social distancing restrictions.
This $94.6 million in funding is helping eligible zoos, aquariums and wildlife parks to remain viable and ready to welcome tourists.