A new government always heralds change, and with the Coalition now in power after six years of Labor government, many Australian industries can expect shifts in funding and policy that will have a huge impact. To give you a taste of what’s to come, we provide a run-down of some of the industries set to be most affected by the new government.
Mining is one of the big winners under the new Coalition government. With the mining tax set to be abolished, a mining exploration incentive, designed to encourage the expansion of mining operations in Australia, is now on the agenda. While this is a controversial move for the environment, it will likely prove to be very profitable for the mining industry.
Another controversial win for mining to come out of this election is the planned abolition of the carbon tax. Climate control experts such as Tim Flannery are lamenting the setback to the nation’s efforts to combat global warming, but industries such as mining are no doubt happy about the outcome.
With a major infrastructure package in the works, the building and construction industry is set to get a boost. The Coalition has promised a number of high-spend projects on national infrastructure, including $6.7 billion to fix Queensland’s Bruce Highway, $1.5 billion to begin Melbourne’s East West Link and $1.5 billion initially for Sydney’s WestConnex motorway project.
The abolition of the carbon tax, as well as plans to streamline the environmental approval process, will also have a positive effect on the construction industry, leading to reduced costs and waiting times for companies working on large national projects.
Australian exports are set to benefit from an increase in funding to the Export Market Development Grants, a financial assistance program for aspiring and current exporters. At present, the grants pool has been promised an initial injection of $50 million. Abbott is also keen to finalise a free trade agreement with China as quickly as possible.
There will also be an online lodgment process for visitor visas for Chinese nationals, with multiple entry visas available in an effort to encourage repeat tourism. With the number of Chinese tourists to Australia tripling in the last decade, this bodes well for the Australian tourism industry.
The Coalition’s pre-election promises on education included a pledge to match the Labor government’s spending dollar for dollar over four years. They also included improvements to the controversial NAPLAN test turnaround times and a focus on science, technology, engineering and mathematics in primary and secondary schools. These changes spell good news for those working in the education sector.
There are a number of expected changes to superannuation, despite the government promising not to ‘move the goalposts’ on superannuation. Of these changes, the most notable are the slowing of increases to super guarantees, the abolition of low-income super contributions and industry standardisation.
There are a series of reviews planned by the new government, which should result in further changes across many industries. These include a closer look at government efficiency and competition laws in Australia, reviews of policy in industrial relations, energy and childcare, a review of the National Broadband Network (NBN), possible job and budget cuts to Defence, and tax reform.
There are undoubtedly plenty of changes on the horizon. Stay tuned as we spotlight different industries and how they will be specifically affected by changes in funding and legislation.
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