Retail sales are expected to boost for machine and equipment manufacturers under the federal government’s $1.3 billion stimulus package, Ai Group CEO Innes Willox said.
The extension of instant asset write-off provisions and temporary measures to accelerate depreciation deduction on new investments for SMEs are particularly welcome by the Ai Group.
“Both these measures will help boost retail sales, machinery and equipment manufacturers and a range of investment-related business service industries and will underwrite jobs in these sectors,” he said.
Ai Group also supports the government’s move to provide financial support for businesses employing and training young people in trades through 50 per cent wage subsidies.
“Continuing to develop skilled trades people through a time of crisis is incredibly important,” Willox said.
“It will enable companies to thrive when they emerge from the uncertainty and adverse impacts of COVID-19.
“They will remain employed, continue to develop their skills and be an important part of the recovery post-COVID-19.”
The stimulus package is expected to provide a “firm base” from which businesses can work with staff to lift productivity and build longer-term resilience and competitiveness.