The Impact of the Global Financial Crisis on the Australian Economy
This added to the Government’s initiative to support growth and jobs at the present moment in time, by delivering investments needed to strengthen the economy. The net measures on the 2009-2010 Budget endeavoured to raise the level of Gross Domestic Product (GDP) by three-quarters of a per cent in 2009-10, providing an extra boost to demand when the economy needed it the most.
Supporting Australian small businesses
The 2009-2010 Budget saw the Government recognise the vital contribution made by small businesses to the economy. Small businesses contributes approximately four million private sector jobs in Australia and therefore to support small businesses from feeling the effects of the economic downturn, the Government introduced measures to assist business investment, managing cash flows and improving online capabilities.
Under the Plan the Government provided direct assistance to small business with the Small and General Business Tax Break. They will have access to an extra 50% tax deduction for suitable assets $1 000 or more purchased between 13th December 2008 and 31st December 2009 and installed ahead of the 31st December 2010.
Building the Education Revolution