Toowoomba to benefit from budget cash splash
Toowoomba and Surat Basin Enterprise CEO, Ali Davenport said the Federal Budget overall is good news for the local economy.
“Although there were no major investment announcements for new infrastructure projects in our region, this was not surprising as $5 billion is about to be spent locally on Inland Rail infrastructure,” said Ms Davenport.
A number of other announcements will have a positive impact on businesses in the region including an extension of the wage subsidies for apprentices and trainees.
“This will help lower youth unemployment and enable businesses to employ more people.”
“An extension of the instant tax write-off for eligible assets also helps businesses to invest in equipment such as work vehicles or tools of the trade, which provides a stimulus right throughout the supply chain,” said Ms Davenport.
In the agricultural sector, $370 million was announced to increase biosecurity.
“With $59 million of that to address the biosecurity risk of African Swine Flu this is good news for local pork production, given that it’s a major contributor to our economy.”
“I was also pleased to see an increase of $173 million for the future drought fund,” she said.
Ms Davenport was also pleased to see investment into the energy sector.
“$6.2 million to further develop the Wallambilla Gas Hub in the Maranoa region, enabling it to become an even more important gas trading system will bring jobs and a boost for the local economy."
"There’s also investment into hydrogen which is a new energy industry we are trying to attract to the region as well as investment into carbon capture utilisation and storage.”
While the majority of the budget is set to benefit the region, Ms Davenport said she was disappointed that $40 million for the Wagner’s Entertainment Precinct wasn’t included in the spending.
“TSBE will be talking to the Federal Government to advocate for this project, because we know that it would bring jobs and boost tourism in our region which is exactly what’s needed right now,” she said.
