The Federal Government has announced a $17.6 billion economic plan to keep Australians in jobs, keep businesses in business and support households and the economy.

Federal Nationals Member for Parkes Mark Coulton said regional communities will see a range of benefits resulting from the package, which will give the local economy the boost it needs.

“This targeted stimulus package will focus on keeping workers in jobs and helping small and medium sized businesses to stay in business,” Mr Coulton said.

“This is especially important as the world currently deals with the significant challenges posed by the spread of the coronavirus.

“Not only that, but my entire electorate of Parkes has been in the thick of drought for some time now, so the extra stimulus will be most welcome.

“These initiatives for small business and households are going to give us a real leg-up and keep funds flowing through our rural and regional communities.”

Mr Coulton said the package had four parts:

  • Supporting business investment
  • Providing cash flow assistance to help small and medium sized business to stay in business and keep their employees in jobs
  • Targeted support for the most severely affected sectors, regions and communities
  • Household stimulus payments that will benefit the wider economy

“An increase to the instant asset write off threshold from $30,000 to $150,000 will be game-changing for many regional small businesses,” he said.

“Assets that may be able to be immediately written off can include a concrete tank for a builder, a tractor for a farming business, and a truck for a delivery business.

“Pensioners will benefit from a one-off $750 stimulus payment, as will other income support recipients and eligible concession card holders.

“This package will put us in the strongest possible position to deal with the economic challenges we face, and to make sure we remain resilient.”