Budget 2019: Other Measures
Apart from individuals, business, super, compliance and international trade, there were a smattering of other packages announced by the Treasurer, which we've summarised below.
$3.9bn Disaster response funding
Australia has seen its fair share of catastrophic disasters this year. In response, the Government has announced the creation of a $3.9bn Emergency Response Fund.
The Fund will provide $150m per annum from 2019-20 to 2021-24 following a significant and catastrophic natural disaster. This funding is applied where the disaster requires funding beyond relief measures already in place.
Climate solutions package
A previously announced $3.5bn package of measures will support Australia's 2030 climate commitments. These include:
- Creation of a climate solutions fund to fund low-cost abatement measures
- Increased funding for the Snowy 2.0 project and the Government departments that oversee it
- Creation of an Energy Efficient Communities Program to provide grants to businesses and communities
- Feasibility studies to accelerate the delivery of Marinus Link, a second interconnector between Tasmania and the mainland, to unlock pumped hydro storage potential in Tasmania
- Funding to improve household energy consumption
$75.5m over 7 years will be provided for investment in network infrastructure, dispatchable generation and reliable energy supplies in the National Electricity Market.
Of course, until an election is won, we can't say which measures will come into play, however if you have concerns or questions about how these measures may impact you or your business, please contact us in 02 9957 4033.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.