Under one of the incentives, firms with turnover of up to $5 billion can deduct the full cost of depreciable assets for another year, until July 2023, at a cost to the budget of $17.9 billion over four years.
“A sustainable recovery requires a strong private sector. Our record investment incentives are filling the order books of the nation,” Mr Frydenberg said. While there were fears the pandemic would cause a dramatic fall in business investment, which is crucial for economic growth, the government said its incentives had given firms a strong impetus to bring forward their spending.
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