Budget 2005 - Small business and industry in Pearce to benefit from changes
Posted on Wednesday, 11 May 2005
Member for Pearce Judi Moylan said she was delighted with last night’s Federal Budget 2005-06 announcement, after $88 million was committed to assist the small business and industry sectors with various programs.
Ms Moylan said small business in Pearce would benefit from several positive initiatives, including –
• $30 million to extend the successful Small Business Assistance Programme for four years from 2006-07;
• $9 million over five years for the Small Business Mentoring and Succession Programme; and
• $36.4 million over four years to support www.business.gov.au
Ms Moylan said that another major windfall for industry included abolishing the three per cent revenue duty on business inputs imported under the Tariff Concession Scheme (TCS).
The Tariff Concession Scheme focused on business inputs, allowing reduced duty on imported goods not made in Australia.
Its immediate abolition will assist local manufacturers by allowing them to select the cheapest available item or part, thereby reducing their overall production costs.
“The abolition of the three per cent revenue duty is a timely arrangement, which will further assist Australian industry to maintain its competitive position on the global stage, saving business about $1.3 billion over five years,” according to Federal Industry Minister Hon Ian Macfarlane said.
“In Pearce, a vast range of industries will benefit from this change,” Ms Moylan said.
“I look forward to continuing to work with small business and industry in the electorate to ensure they see future positive outcomes.”