In this year’s MYEFO, there are very few surprises under the governments Christmas tree.
The Federal Governments Mid-Year Economic and Fiscal Outlook (MYEFO) statement was released on the 19th December. Treasurer Scott Morrison and Finance Minister Mathias Cormann updated the economic and fiscal outlook from the previous budget of this year.
From a grants and funding perspective, many budget measures were known and expected, however in a few instances there is additional funding, in some, there is less.
Some of the notable announcements include:
• Industry Skills Fund cessation. New applications received up to 31 December 2016 will be considered and approved grants will be honoured, but the program will cease.
• Additional $200 million funding for the Regional Jobs and Investment Package.
• Grants to support innovative disability employment projects will total $7.2 million over two years from 2016-17.
• Additional $15 million to expand the Incubator Support Initiatives under the Entrepreneurs Programme.
• $50 million over two years from 2017-18 to establish a Smart Cities and Suburbs Program which will apply technologies to improve the liveability of cities and their suburbs.
Our full overview of the MYEFO is here, and all the relevant treasury documentation can be found at www.budget.gov.au.
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