MEDIA RELEASE

2 April, 2019

WoolProducers Australia welcomes budget measures

WoolProducers Australia welcomes the first budget surplus in 12 years, as announced by the Morrison government in Tuesday night’s budget, which also included a number of items aimed at the agricultural sector.

WoolProducers Australia President, Mr Ed Storey said ‘The federal government has announced a number of measures to assist primary producers and their businesses’.

WoolProducers was pleased to see the extension and expansion of the instant asset write off for small businesses, which was a key priority in the WoolProducers Pre-Budget submission. ‘The accelerated depreciation measures enable small businesses with a turnover of less than $50 million to immediately deduct asset purchases under $30,000’.

‘This measure encourages these businesses to immediately invest in capital expenditure such as fencing, tanks, and feed silos.’ Mr Storey said.

Additional to the support already on offer to those farmers facing drought and flood, Treasurer Josh Frydenburg’s announcement the establishment of a $3.9 billion Emergency Response Fund. ‘The aim of this new fund will be to ensure additional resourcing is available when natural disasters strike our farmers and the regional economies in which they operate’. Mr Storey said.

WoolProducers were also pleased to see the confirmation of the earlier commitment of $220 million to regional telecommunications, through funding for Regional Connectivity and extension of the Mobile Black Spot Programs.

‘Many woolgrowers live and work in parts of Australia that suffer poor connectivity and provision of telecommunications services.’

‘Improvements to regional telecommunications was another key theme of WoolProducers Pre-Budget submission, as reliable and affordable telecommunications is important for farming families in order to access the digital economy for their business, education, health and social needs.’ Mr Storey said.

ENDS

WoolProducers Australia contact:

Ed Storey
President
0438 309 500

Jo Hall
Chief Executive Officer
0488 554 811