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$245 MILLION LIFELINE FOR VICTORIAN INDUSTRY, JOBS
The Victorian government has thrown the state’s flagging industry and manufacturing sector a $245-million lifeline to help secure local business and jobs.
Victorian Premier John Brumby announced the long-awaited industry and manufacturing strategy on 19 November 2008, saying it would help stimulate jobs and make the sector internationally competitive in the face of tough economic conditions.
A key point of the strategy is the government’s commitment to favour local bidders for state contracts over offshore tenders.
Mr Brumby said this would mean sourcing 40% of materials for new trains and rail locally.
“When two or more bids are comparable in terms of quality and whole-of-life pricing, the government will continue to give preference to bids that maximise local industry benefits,” he said.
Images From Southern Shorthaul Railroad
“Major projects that are declared of strategic significance will have additional criteria that can include minimum local content requirements and an additional weighting given to local content.”
The strategy includes $123 million for a manufacturing action plan, including a $50-million fund to help companies move into emerging markets, $97 million for the services sector and $25 million to help local industries expand into export markets.
“The Victorian government is taking action to ensure industry and manufacturing can turn the rapidly changing global economic conditions into opportunities to build future growth, secure and create new jobs and develop more innovative industries,” Mr Brumby said.
NEW INVESTMENT ALLOWANCE
PART OF BUSINESS PLANNING IN FIRST HALF OF 2009
Tuesday 23 December 2008 MR 148/08
Statement by Mr Peter Anderson, Chief Executive
The Australian Chamber of Commerce and Industry (ACCI) has encouraged business enterprises across the country to actively consider using opportunities for business development through the recently announced investment allowance, particularly as business planning decisions are made in the first half of next year.
The Prime Minister announced the initiative on 12 December 2008 with the Treasurer also releasing a statement providing specific details.
The Investment Allowance will:
• Provide a tax deduction of 10% when business invests in depreciating assets.
This is over and above existing depreciation allowances that may apply;
• Be applicable to most new tangible depreciating assets, including most items of plant and equipment over $10,000 (including motor vehicles) which are acquired or ordered by the end of the current financial year;
MONEY MATTERS
MONEY MATTERS
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