The 2018 Budget should boost confidence in the building and construction industry, according to Master Builders Australia (MBA).
MBA CEO Denita Wawn has cited tax cuts as positive news for those in the building industry.
"Reducing the tax burden on households and small business is good for the economy and good for builders," says Wawn.
"People may decide to renovate their kitchen sooner or buy their first home faster.
"It's also great news that our many small builders who are sole traders will also get tax relief in this Budget."
According to Wawn, small businesses will benefit from the extension of the $20,000 immediate tax write-off scheme until 2019.
"There are more SMEs in building and construction than any other industry and this is great news for mum and dad building businesses and tradies," she says.
"The uncorporated small business tax discount rate will increase from five percent to eight percent allowing SME builders to write off their assets faster."
MBA also praised Government's support of the Skilling Australians Fund.
“Master Builders called for more certainty for state and territory governments to sign up to the $1.5 billion Skilling Australians Fund (SAF) and the Government has listened," says Wawn.
"The SAF will focus on funding for new apprentice training initiatives, that are no longer conditional on a levy of skilled migration."
$250 million is available for states and territories in this financial year, and a share of $50 million is available for governments that sign up to the SAF prior to June 7. $50 million per year over four years is also available to states and territories who are signed up to the SAF.
