Gladstone snubbed in budget as resource boom winds down
THE Federal Budget released on Tuesday night had investments for the "ideas boom" but there wasn't investment in areas like Gladstone which have provided the nation with the resources boom.
In the budget, the Coalition Government spruiked a record $50 million spend on infrastructure until 2019-20.
There were no new projects listed for Gladstone but the budget did point to 1000 current projects underway, of which Gladstone had five.
Kin Kora intersection is almost complete, Glenlyon St and Tank St intersection is complete, two minor turning lanes are in construction and a bridge upgrade is in planning.
GTC Financial managing director Neville Hughes said it appeared Queensland's infrastructure missed out because it was not open to selling its assets and privatisation. And Liberal National Party member for Flynn Ken O'Dowd didn't challenge that.
He said, where state assets around the country had been sold, the Commonwealth had matched the sale price, as previously agreed.
Mr O'Dowd was hopeful, however, of securing funding for at least one major infrastructure project in the region; a dam, through the Northern Australia Infrastructure Facility and National Water Development Infrastructure Fund.
He said the budget would better Gladstone's economy through the tax rate cut to 27.5% for businesses with a turnover of less than $10 million. Next year that is expected to include businesses turning over less than $25 million.
Mr Hughes said the $20,000 asset write off for those businesses would give them more freedom to operate.
He said those businesses typically employed about 10 people, were small family businesses and decent sized fabrication shops, of which there are plenty in Gladstone.
"It encourages those guys to buy $20,000 worth of assets and I encourage them to buy local. It's a really important incentive," he said.
The nation looks set to give its verdict on the budget at a July 2 election.