Nov 2, 2011

Mining Boom to Help Deliver Benefits

Local workers and small businesses will soon start to receive a fairer share from the mining boom with 60,000 local workers and 21,000 small businesses in the Inner West set to benefit thanks to the Gillard Labor Government’s Mineral Resource Rent Tax (MRRT).

Workers in the Inner West will see their employer superannuation contributions boosted from 9% to 12%. That means a 30 year old worker on average earnings could retire with around $100,000 in extra savings.

Our plan to increase the nest egg of households is yet another example of how the Gillard Government is delivering for working Australians.

Local small businesses also stand to benefit under Federal Labor’s plans to spread the benefits of the mining boom right across the community.

As a big supporter of small business, I welcome the Government’s plan to offer a big tax cut to every local small business.

The tax cut will mean local small business owners would be able to instantly write off every asset they buy valued below $6500 and the first $5000 of any motor vehicle.

The great news is that there will be no limit for how many new assets businesses can claim the $6500 on.

The local baker, for example, could purchase four new ovens each costing less than $6500 and instantly write each off their tax.

We all know how important the mining industry is to our national economy, but every hardworking Australian owns our resources and deserves to share in its benefits.