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.