Highlands News

What the budget means for you

angus taylor josh frydenberg

Federal Member for Hume Angus Taylor is welcoming a number of announcements in the budget.

That includes tax cuts for low and middle income earners aimed at helping speed-up the nation's economic recovery.

Tax relief scheduled for 20-22, will be brought forward to this financial year.

It means people will have up to 27-hundred-dollars extra in their pocket.

The First Home Loan Deposit Scheme will be extended to another 10,000 places and Mr. Taylor says this will provide an additional $1 billion of low-cost finance to support the construction of affordable housing.

In addition to this, 99 per cent of businesses will be allowed to deduct the full cost of depreciable assets in the year they are installed, and companies with a turnover of up to $5 billion will be able to offset losses against previous profits on which tax has been paid to generate a refund.

We've spoken to our Member for Whitlam Stephen Jones about his thoughts on the budget.

He's raised concerns about Government debt heading towards a trillion dollars and an additional 160,000 people out of work before Christmas.

However he is welcoming an increase in spending for mental health.