Budget 2020

This year's budget is the most important of our generation.

Here’s how it will help Townsville recover from the effects of COVID-19.

Local Infrastructure

$76 million – Riverway Drive Stage 2

Safety upgrades and duplication between Allambie Lane and Dunlop Street, creating 280 direct and indirect jobs. 

$20 million – Bruce Highway Upgrade Strategy

Planning for future safety and capacity upgrades on the Bruce Highway between Curra and Cairns, identifying priority sections for duplication.

Copperstring 2.0

Funding to progress to a final investment decision for the project, which would connect the North West Minerals Province near Mount Isa to the National Electricity Market (NEM) near Townsville, to stimulate the economy and create 400 jobs in regional Queensland

$60 million over four years – 2019 Monsoon Trough Long-Term Recovery Strategy

Extensive grants programs to support reliable access to telecommunications and energy, improving disaster risks management planning and mitigation, economic diversification, preventative mental health measures for children, and locally-led recovery and resilience activities.

$10.6 million – Reef HQ

Additional to the $29.5 million announced earlier this year, $5 million to upgrade the attraction’s facade, admissions and foyer area to enhance the visitor experience, and $5.6 million over three years for new and revitalised exhibits.

$1.5 million – Magnetic Island National Park Trails

Linking all the key locations on the island for a seamless walking experience, boosting tourism and creating jobs during construction.

Economic Stimulus

More than 11 million taxpayers will get a tax cut, backdated to 1 July 2020. Those earning $40,000 will pay 21% less tax, and those on $80,000 will pay 11% less tax this year.

Economic Support Payments of $250 each will be made to Age Pensioners, veterans, recipients of family tax benefits and other recipients who were eligible for the second Economic Support Payment paid in July 2020. 

A new JobMaker hiring credit will be available for employers who hire people on JobSeeker, aged 16-35. Treasury estimates that this will support around 450,000 jobs for young people.

The $1 billion JobTrainer Fund will create up to 340,000 free or low-cost training places for school leavers and job seekers.

A new 50% wage subsidy will support 100,000 new apprentices and traineeships.

With the Instant Asset Write-off, 99% of businesses will be able to immediately write off the full value of eligible assets they purchase for their business.

Defence Investment

$1 billion over two years from 2020-21 to deliver projects that will support an estimated 4,000 jobs across Australia and strengthen the Australian defence industry. Key initiatives include:

  • increasing the employment of Australian Defence Force (ADF) Reservists who have lost their civilian income
  • increasing funding available for Defence innovation, industry and skilling grants
  • bringing forward investment in the Defence estate
  • accelerating important ADF capability development projects
  • sustainment of ADF platforms and capabilities.

 

$17.7 million over four years from 2020-21 (and $4.4 million per year ongoing) to establish a Joint Transition Authority (JTA) within the Department of Defence to better support Australian Defence Force (ADF) members and their families as they transition from military to civilian life.