Anthony Albanese to extend instant asset write-off in boost to tradies, small businesses

Tradies and other small businesses will be promised the extension of the instant asset write-off by Prime Minister Anthony Albanese at today’s Future Western Sydney event at Blacktown.

Struggling small businesses and tradies will get a lifeline for another year as the Albanese government commits to extending the instant asset write-off if re-elected.

But despite giving in to crossbench and Coalition pressure and extending the policy, it is still less than what the Coalition has promised. In 2024, Peter Dutton committed to making the instant asset write off permanent, at an asset cap of $30,000 for small businesses with a turnover of up to $10 million.

Mr Albanese’s new election pledge, to be announced at The Daily Telegraph’s Future West Forum today, does not go as far. It will allow small businesses and trade workers to deduct $20,000 in essential purchases off tax — $10,000 short of the Coalition’s promise to permanently allow them to claim $30,000 per year.

“What it can translate into is tools for tradies, coffee machines for a cafe, fridges and stovetops for a restaurant,” Mr Albanese will say in a speech at the forum in Blacktown.

“Applying to small businesses with aggregated annual turnover of less than $10 million, it continues cash flow support and reduces compliance costs.”

Prime Minister Anthony Albanese. Picture: Jason Edwards / NewsWire

The Prime Minister will also announce a major cash injection to develop full maternity services for a long-awaited hospital in Sydney’s Hills District, after fears the hospital would be left without a birthing unit.

In a Telegraph win, the Albanese government will pledge $120 million to build a full maternity ward at Rouse Hill hospital.

The Prime Minister will announce $220 million in conjunction with the NSW government to widen and upgrade Windsor Rd at Rouse Hill.

Additionally, the Prime Minister will announce $220 million in conjunction with the NSW government to widen and upgrade Windsor Rd at Rouse Hill — a key congestion hotspot of the northwest suburb.

An additional $20 million will be spent on a planning study to investigate ways to reduce travel times on Old Windsor Rd between Kellyville and Northmead.

Future Western Sydney will be streamed on Friday from 10am.

The Daily Telegraph revealed last November that the Minns government, which is paying for the rest of Rouse Hill hospital, had not funded a full maternity ward despite 20,000 new homes expected to be built in the area in the coming years.

The hospital will now have funding for maternity surgical theatres, birthing rooms and special care nursery beds for babies who need more intensive care.

“Enhancing this vital project by the NSW Government, our investment will enable women in northwest Sydney to give birth close to home, and help take some pressure off Blacktown Hospital,” Mr Albanese will say in his speech.

Read more federal election coverage here.

Read more Future Western Sydney coverage here.

Originally published as Anthony Albanese to extend instant asset write-off in boost to tradies, small businesses