Federal Government Programs
The new Labor Government is currently reviewing the funding allocations made by the prior Government under several of these programs and many others with a view of redirecting funds into their newly announced $15b National Infrastructure program. Further news will be made available after the October budget.
As an outcome of COVID both the Federal and State Governments have become very pro-active in providing various new forms of tax incentives and grant programs as well as enhancing existing government programs to stimulate and re-focus the economy.
These initiatives are generally driven by the strategic need to:
- Prioritise industry sectors with a distinct global competitive advantage.
- identify and re-birth sectors in which we require a sovereign capability.
- address environmental issues dealing with climate change and renewable energy.
- stimulate job creation.
- provide assistance to fill a market gap.
It’s important to keep in mind that most of these new government programs are not intended to last forever with many having a 4-year horizon or being subject to change at any time.