TSBE CEO, Greg Bowden shares his early thoughts on the federal budget and what it means going forward.
With budget centrepieces focussing on some big ticket wins for Australians including a boost to Medicare, increases in rent assistance and cost-of-living relief measures. What Toowoomba and Surat Basin region needs from the federal government is commitment to funding support for small business, major infrastructure projects, renewable energies, and manufacturing to support economic growth and underpin the core industries of health and education our region relies on for job security and liveable communities.
The budget delivered a few small business benefits including tax relief through a $20,000 instant asset write off and the new Small Business Energy Incentive, which will provide small business with bonuses and asset write-offs for energy saving upgrades. Continued, long term investment into major projects is vital to the economic growth of the region. It means confidence in investing in region which means job, education, and livability opportunities.
Connectivity is critical in sustainable regional success. We have road, rail, and air opportunities to build on for our region. At the last national cabinet at the end of April, Prime Minister Albanese said his government was adopting a refreshed approach to infrastructure investment. In the budget, a 90-day independent review of the Infrastructure Investment Program was unveiled. This means that the $120 billion infrastructure pipeline will be reviewed. Minister for Infrastructure, Catherine King says, “communities will benefit from national significant infrastructure with shorter and safer travel, more liveable cities, suburbs and regions, while the economy benefits from the certainty brought by a smoother delivery of investment matched to project timelines.”
For our region, the hope is that this review will maintain our trajectory in becoming a major inland port, with major road, rail and air projects secure to ensure the future growth of our region. Manufacturing supports infrastructure growth and represents significant job numbers and investment for our region. The budget makes mention of committing $15 billion to the Nations Reconstruction Fund which is an investment in Australian manufacturing. Future infrastructure prospects for this region are one that contains the Brisbane Olympics in 2032. Now is the time to be preparing for sustainable growth, so our region is prepared to utilise the opportunities coming our way. This budget includes up to $3.4 billion in venue infrastructure and support to deliver the 2023 Olympic Games.
In addition to improving aged care services (including $11.3bn for a 15% award pay increase) and supporting the energy transition through incentives to small business for green investments and a $2 billion has been earmarked for Hydrogen head start programs. While the budget cited operations in Gladstone and Wollongong, however our region will be home to one of the country’s first Renewable Hydrogen Plants, with CS Energy’s Kogan Creek project near Chinchilla. Conversely the gas industry will see tax hikes imposed on operations.
To ensure liveability and job opportunities for our communities, it is imperative that we secure stable, long-term investments from all levels of government. This will foster positive economic and social growth, contributing to the success of not only Toowoomba and the Surat Basin, but also the entire nation.
