Treasurer Pitt needs to support Queensland small businesses

4 May 2016 12:00 AMJohn-Paul Langbroek

Treasurer Curtis Pitt must outline his support for the tax measures outlined in the Turnbull Government’s budget aimed at Queensland’s 400,000 small businesses.

 

Shadow Treasurer John-Paul Langbroek said businesses with a turnover of less than $10 million will benefit from a 27.5 per cent company tax rate from July.  Unincorporated businesses will also be given tax relief.

 

“This is fantastic news for Queensland’s small businesses, considering they are the true drivers of job creation here in Queensland,” Mr Langbroek said.

 

“This move will benefit the vast majority of businesses in Queensland, and this in turn will benefit the millions of Queensland workers these businesses employ.

 

“Treasurer Curtis Pitt should step up for the small business community and outline his support for this crucial measure to his Federal counterpart Chris Bowen, who has indicated he intends to take this comprehensive tax package off the table.”

 

Mr Langbroek said the Federal Budget showed the benefits of having a government with an over-arching plan for securing economic growth and creating jobs.

 

“It’s no fluke that Australia’s unemployment rate is forecast to remain at a far lower rate than Queensland over the coming years - it’s because the Turnbull Government has a plan for getting even more Australians into work,” he said.

 

“The $840 million Youth Jobs PaTH program aimed at helping 120,000 young people secure employment is particularly important here in Queensland, considering parts of regional Queensland have youth unemployment rates as high as 30 per cent.

 

“It’s clear leading into a Federal election campaign the Turnbull Government has a positive plan for taking Queensland forward.

 

“This is in stark contrast to the Palaszczuk Labor Government, that is still searching for an economic plan almost a year and a half after the 2015 state election.”

 

Key Facts:

  • Where national unemployment is forecast to drop to 5.5 per cent in 2016-17, in Queensland it is forecast at 6.5 per cent.

  • Many Queensland regions are struggling with youth unemployment, with youth unemployment at 22.3 per cent in Cairns and 31.3 per cent in Queensland Outback.

  • Total Commonwealth payments to Queensland to increase by $4.8 billion out to 2019-20.

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