Lucy Wicks (Robertson, Liberal Party) Share this | Hansard source

I strongly welcome the 2016 budget delivered last night, because it is more than just a budget. It is an economic plan for Australia, for a strong new economy with more jobs and growth, which is fantastic news for local families and local businesses in my electorate of Robertson on the New South Wales Central Coast.

I am thrilled to see how the focus of this tax plan backs hardworking families and businesses. This is a budget that will drive jobs and growth across the country, with real benefits for thousands of people and businesses. Already, I am hearing positive stories on street corners and train stations on the Central Coast, from people like Darren and Bec, who told me: 'This budget is just what we needed. It puts us in a better position today than we were in yesterday.' There are many other examples of comments like this, because this is a budget that delivers tax cuts and incentives for local small businesses and relief for hardworking families. For example, the budget will introduce a low-income superannuation tax offset from 1 July next year. This will ensure that low-income earners are not paying more tax on their superannuation than they are on their take-home pay. This means that more than 21,000 people in my electorate of Robertson earning $37,000 per year or less will effectively pay no tax on the money they contribute to superannuation.

We also know that it is business, not government, that creates jobs. Sometimes, of course, government can play a direct role, such as our major commitment to deliver 600 new federal jobs in Gosford. But it is the coffee-shop economics—the flow-on effects and the hard work of our small business owners and employees, who are those we need to back so we can build a strong economy. As we transition from the mining investment boom, these businesses deserve every opportunity to invest, grow and employ more people, so they can thrive, prosper and succeed locally on the Central Coast. From 1 July this year, small and medium businesses with an annual turnover of less than $10 million will have their company tax rate cut to 27.5 per cent. This will reduce the tax rate for more than 5,200 companies in Robertson. Crucially, the Turnbull government will also increase access to a range of small business tax concessions to more Australian businesses with turnover of less than $10 million. This is great news for more than 15,000 businesses in my electorate, who will be able to access these concessions.

Every day, people raise with me the need for jobs for our young people. Last night's release of a new PaTH to youth employment will help young people through Australia's economic transition. The government will invest over $840 million over four years in a youth employment package that will assist up to 120,000 vulnerable young people. These measures will further boost young people's job prospects by helping them to be better prepared for the workforce.

The budget also has great news, with guaranteed funding, for health, education and roads, and I know that there will be much more to say about the need for better infrastructure in our region.

See this speech in context