Small business in Bathurst and the region are being seen as one of the winners in this year’s federal budget according to local small business owner Sam Farraway.
Mr Farraway, owner of Hertz Bathurst, said the $20,000 instant asset write-off being extended for a second year will help stimulate the city’s economy.
“It’ll help stimulate the economic rate and it’ll have a greater impact on the Bathurst economy,” he said.
“The extension of the assist right off will have a lot of flow on effects to the Central West businesses.
“If a business wants to replace a coffee machine or a tradie wants to upgrade a tool, these products will be bought local.
“Any government that lowers the company tax rate will help create competitive small businesses.”
Businesses with a turnover of up to $50 million will receive a company tax cut.
However, some small businesses could be hit with a new foreign worker levy.
Annual temporary work visa of $1200 to $1800 per worker a year and one-off permanent skilled visa levy of $3000 or $5000.
Farmers will benefit from an inland rail network to move their goods faster and cheaper, after decades of lobbying for the project.
NSW Farmers Association Bathurst branch president David McKay said the project will help rural areas.
“It’ll impact on the properties all the way through, benefiting on exports of mining and other produce,” he said.
The federal government will invest over $8 billion into building the project, linking Brisbane to Melbourne and construction could start this year.
Mr Farraway, who is also the NSW Nationals Party Bathurst branch chairman, said it was great, from a Nationals perspective, to see a significant investment.
“This will take 2000 trucks off the road and will get products on rail to Melbourne and Brisbane quicker. It’s expensive and risky, but the vision is good to see,” he said.
Mr Farraway said the inland rail network is less likely to affect Bathurst and the surrounding region, but more likely to benefit the likes of Parkes and Dubbo.
Farmers will also see continued funding for the Landcare program, with $1 billion allocated over the next five years.