Mining boom to deliver increased superannuation and tax breaks

Federal Member for Chifley, Ed Husic has welcomed the introduction of the Minerals Resource Rent Tax (MRRT) Bills in Parliament this week.

Mr Husic has revealed that 58,800 local workers and 9,800 small businesses will soon start receiving a fairer share from the mining boom thanks to the MRRT.

“Not all families and businesses are seeing the benefit of our strong economy.” Mr Husic said.

“That’s why it’s important that we spread the benefits of the mining boom throughout the economy.”

Under the Gillard Government’s plan, local workers 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 superannuation is yet another example of how the Gillard Government is delivering for working Australians.

9,800 small businesses in Chifley stand to benefit from this plan, with owners able to instantly write off every asset they buy valued below $6500 and the first $5000 of any motor vehicle.

“Small businesses help form the backbone of not only our local economy but also our community.

“These reforms will ease competitive pressures on them and give them the incentive they need to invest in new assets.” Mr Husic said.

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Ed Husic MP
Federal Labor Member for Chifley

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