BUDGET 09-10: Budget invests in education, training for business

By: Graham Gardiner


Wayne Swan's Budget supports the economy in tough times while "pushing the re-set button" for business, the Australian Industry Group

Wayne Swan's Budget supports the economy in tough times while "pushing the re-set button" for business, the Australian Industry Group says.

AiGroup Chief Executive Heather Ridout has welcomed investments in infrastructure, education, science, innovation and welfare reform as part of the 09-10 Budget plans.

But she says the forecasts deliver a "sober reflection of the severity of the global crisis" and its impact on Australian business.

"The Government has mapped a strategy for returning the Budget to surplus over a period that is comparable with the experience of previous recessions. There are risks to the growth rates projected beyond 2009-10 and our assessment is that more savings may be needed to address these risks," she says.

Ridout says additional resources for education, particularly moves to improve participation, are welcome.

"The funding for improving commercialisation and collaboration between business and education and research institutes are vital elements in extracting full value from these investments," she says.

"Measures for business include the increase in the investment allowance for smaller businesses, the additional funding for the export market development grants scheme and the recasting of the research and development tax incentive.

"The extension of the first home owners boost will provide additional stimulus to the housing industry and the many businesses supplying home construction."

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