The State Government’s 2016-17 Budget contains new initiatives that will result in additional regional specific investment of $384 million over the five years from 2015-16 to 2019-20. The Budget provides investment to further drive regional growth, create new job opportunities and build new infrastructure in South Australia’s regions.
The Regional Development Fund in 2016–17 will continue to encourage public and private sector investment in our regions. Investment through earlier rounds of the program has already supported projects expected to contribute $5.6 billion to the state’s economy and generate almost 15,000 regional jobs through to 2020–21.
The State Government’s small business payroll tax rebate will be extended for an additional four years, saving eligible small businesses across the state up to $9,800 each year. The rebate effectively halves the payroll tax rate for businesses with a taxable payroll less than $1 million and gives small businesses the freedom to invest and grow.
A $109 million grant package will encourage South Australian businesses to employ more staff and help to address unemployment in South Australia. The scheme offers a Job Creation Grant of up to $10,000 over two years for each new full-time equivalent job created in small and medium sized businesses liable for payroll tax in SA.
The Government’s stamp duty concession for off-the-plan apartments has been extended for one year and expanded to cover all of South Australia as part of a $7.6 million investment included in the 2016 –17 State Budget. This stamp duty concession was previously only available in metropolitan areas.
$106.5 million investment over three years has been allocated to refurbish and redevelop contemporary science, technology, engineering and mathematics facilities in regional schools, and $34.3 million over three years has been allocated for Murray Futures Riverine Recovery.
Assistance for the Upper Spencer Gulf and Outback region includes a $9.6 million interest-free loan scheme to support small businesses experiencing cash-flow challenges as a result of Arrium entering administration.
For all the Budget news including an interactive region-by-region map visit www.statebudget.sa.gov.au