WAFarmers President Dale Park said the recently announced Federal Budget serves as a stepping stone to the eagerly awaited release of the Agricultural Competitiveness White Paper.
The Federal Budget delivers modest gains for the agricultural sector through initiative that will assist cash flow on farm; lower business taxes and boost outcomes from the bilateral trade agreements.
“We’re relieved the Budget contained no big surprises for agriculture and we are looking forward to the release of the Agricultural Competitiveness White Paper,” Mr Park said.
The measures announced on trade, tax breaks and particularly small business measures will be welcome news to Western Australian farmers.
The small business tax cuts encourage investment in agriculture is, in the main, driven by small businesses like family farms.
“The package offers direct but marginal benefits for many of our members who are small business owners,” Mr Park said.
Highlights for the agriculture sector in tonight’s budget include:
- Specific measures that will allow farmers to accelerate depreciation for spending on water, fodder and fencing which will encourage investment and improve cash flow on farm;
- $25 million to help Australian producers access the benefits of free trade agreements (FTAs), something the NFF has specifically called for;
- Small business tax cuts which will help assist farm businesses that have less than $2 million in cash receipts;
“We hope that the Federal Budget is a preview of policies and funding commitments that will support agriculture as it develops into a source of economic strength.
“We await the release of the Agriculture Competitiveness White Paper, which will better outline the future direction of our amazing industry,” Mr Park said.
All media requests to be directed to WAFarmers Media and Communications Officer Sophie Kilby on (08) 9486 2100 or [email protected].