250,000 new jobs in Australia
13 May 2015 by News Desk
More than 250,000 new jobs have been created in Australia since the current government came to power.
That’s according to government Treasurer Joe Hockey (pictured) in his budget speech delivered this week in which he highlighted government achievements and unveiled a raft of new measures aimed at boosting the Australian economy.
“Australia is one of the fastest growing economies in the developed world,” said Treasurer Hockey. “Growth in the Australian economy is expected to increase from its current 2 ½ per cent to 2 ¾ per cent in the next year and 3 ¼ per cent the year after that. Since coming to office nearly 250,000 new jobs have been created, and we have seen a significant increase in approved foreign investment applications in Australia, up 23 per cent in the past year alone. Retail sales are at record levels, as are new dwelling approvals.
The budget laid out a raft of new measures to aid small businesses.
The $5.5 billion Jobs and Small Business package is the biggest small business package in Australia’s history. From 1 July 2015 small companies with annual turnover of less than $2 million will have their tax lowered from 30 per cent to 28 ½ per cent. Unincorporated business will get an annual 5 per cent tax discount up to $1,000. Small businesses will also be able to immediately deduct new assets up to $20,000.
There are a range of other measures that cut red tape and encourage entrepreneurship to help the country’s 2 million small businesses invest more, grow more and employ more.
The budget also laid out its forecast to reduce Australia’s national deficit, from $35.1 billion in 2015-16 to $6.9 billion in 2018-19.
