The government’s decision to expand the eligibility rules for its business expense tax break will let more of Australia’s largest employers and best-known companies bring forward investment plans and create new jobs.
“This is a crucial decision because business investment equals jobs. Making Australia a more competitive place to do business is critical to locking in a job fuelled recovery,” Business Council chief executive Jennifer Westacott said.
“This will unlock opportunities for Australians by giving some of our largest employers the chance to do even more of what they do best – investing, expanding, and creating new jobs.
“Large employers already invest and employ in Australia but to create the new jobs we need, we must attract much more. Today’s announcement will make Australia a more attractive choice as we compete for global capital.
“The full expensing measure will create new jobs by encouraging new purchase orders and businesses to immediately expand, innovate, update technology and buy new plant and equipment.
“Today’s decision recognises that businesses of all sizes will need to do the heavy lifting in the recovery and will be responsible for creating the majority of new jobs.
“This is a welcome demonstration of the Morrison government’s willingness to listen, respond and prioritise the urgent things needed get Australians back to work and keep our recovery on track.”