News

Budget snapshot

12 May 2021

The Federal Government has released the 2021 Budget, delivering a package of measures aimed at boosting business investment, productivity and participation measures. The government will continue to spend on supporting economic recovery, with the underlying cash deficit of $106.6 billion in 2021/22, improving to $57 billion in 2024/25.

Key measures identified as affecting the automotive industry include:

  • Substantial investment in business support initiatives, including an extension to the Instant Asset Write-off Scheme
     
  • Additional support for apprenticeships and a suite of skills-based reforms
     
  • Additional funding for the National Freight and Supply Chain Strategy
     
  • An increased Heavy Vehicle Road User Charge
     
  • Funding allocations to both the Motor Vehicle Service and Repair Information Sharing Scheme and Mandatory Franchise Disclosure Registry
     
  • Substantial investment in state infrastructure, providing an additional $3 billion for priority road and rail projects in Victoria.

 

For member convenience, the Chamber has developed a Budget snapshot document, Federal Budget 2021-22 Snapshot – What does it mean for the automotive industry?  which outlines in detail, the key budget measures directly related to Victorian automotive businesses.

A related Bulletin has also been distributed to members. 

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