Manufacturers to benefit from government stimulus packages

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 has 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.

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