IN LINE with the federal Coalition government's election campaign, agriculture was one of the key agenda items of the 2014-15 Budget.
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Throughout the next four years more than $100 million will be allocated to fund research, $8m to improve access to agricultural and veterinary chemicals, $15m in rebates for export certificate registration costs and $320m to support farmers affected by droughts.
The agricultural industry will also be assisted by the welcome reduction in company tax rates, although these will be offset by the disappearance of a number of tax deductions and increases in agricultural production levies and export charges.
From a workforce and employer's perspective, there are a number of important changes and incentives in the budget, which are outlined below.
- Paid Parental Leave Scheme: the government's Paid Parental Leave Scheme will give access to up to 26 weeks of paid parental leave.
- Superannuation guarantee rate: although the rate will still increase incrementally from 9pc to 12pc, the increases will be deferred. After the initial rise from 9.25pc to 9.5pc on July 1, 2014, there will be no increase until June 2018.
- Restart program and other wages subsidies: the restart program aims to reduce age discrimination and encourage greater participation of mature workers in the workforce.