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Govt to levy more than $1b from big business for mental health

The Queensland authorities will impose a brand new levy on large enterprise to generate an ongoing funding supply for psychological well being providers within the state, anticipated to ship an annual windfall of $425 million inside three years.

Huge retailers similar to Woolworths and Coles, mining corporations, and main building companies are anticipated to contribute essentially the most from their backside traces to fund a five-year $1.6 billion psychological well being spend.

“We must have a sustainable funding model,” Treasurer Cameron Dick said of mental health support funding in his budget speech.

“We should have a sustainable funding mannequin,” Treasurer Cameron Dick stated of psychological well being assist funding in his price range speech.Credit score:

The staged rollout of yet-to-be detailed psychological well being service beds — together with for perinatal and consuming issues — 1400 new employees and capital investments by this system will kind a part of the state’s broader well being price range, value $23.6 billion within the coming monetary yr.

A current parliamentary committee inquiry into psychological well being had urged the federal government to extend funding and expenditure for psychological well being and drug and alcohol providers, and create a devoted funding stream, after discovering the state reported the bottom nationwide per capita spend in 2019-20.

The price range papers embrace a brand new five-year plan for the sector with $1.64 billion in working funding, slated for brand spanking new psychological well being service beds — together with for perinatal and consuming issues —and an additional $28.5 capital funding.

“However with the intention to ship this funding, we should have a sustainable funding mannequin,” Treasurer Cameron Dick informed parliament in his price range speech. It will come alongside an enormous income windfall this yr and a further planned lift to coal royalties as costs and income soar.

To do that, the federal government will introduce new payroll tax levies for some companies, which from 2023 can pay 0.25 per cent on the portion an annual taxable wage invoice of greater than $10 million, and a further 0.5 per cent on the portion of these wages payments of greater than $100 million.

Treasury estimates the levy would apply to about one per cent of all companies within the state, scaling as much as generate an annual $425 million by 2025-26. Whereas Woolworths and Coles have just lately reported rising gross sales figures, these have been partially offset by the tandem prices of inflation.

“I don’t suppose one single particular person shall be essential of huge corporations utilizing 1 per cent [of their budgets] to truly assist to assist people who find themselves going by the worst of the worst from a pandemic,” Premier Annastacia Palaszczuk informed reporters within the price range lockup press convention.

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