In his budget night speech, Treasurer Joe Hockey said the government would unleash the nation’s potential by rolling out the “biggest infrastructure program in Australia’s history”.

Despite a $5billion spend being touted for infrastructure in northern Australia, the Illawarra failed to rate a mention when the budget papers were released on Tuesday night.

Among the winners were the region’s 26,000 small businesses, which will benefit from a $5.5billion jobs-and-small-business package that includes tax cuts, measures to reduce red tape and encourages people to start new businesses.

From July 1, small companies with an annual turnover of $2million will receive a 1.5 per cent tax cut, while unincorporated businesses will get an annual 5 per cent tax discount of up to $1000 a year.

From Tuesday night, the region’s small businesses can also claim immediate tax deductions on items up to $20,000 purchased until the end of June 2017.

As part of the jobs package, more than $330million will be invested in helping young and disadvantaged Australians get their first job – a move that is expected to help combat the Illawarra’s  youth unemployment rate of 13.8 per cent.

Meantime, Illawarra projects that deliver social benefits could be boosted by the government’s new Stronger Communities program.

The program will make up to $150,000 a year over two years available to the country’s 150 federal electorates – including Cunningham, Throsby and Gilmore – from July 1.

Respective members Sharon Bird, Stephen Jones and Ann Sudmalis would help identify the projects, to be delivered by community organisations within the two-year time frame.

The program would provide grant funding of between $1000 and $20,000.

Families in the region will gain from a $4.4billion package that includes support for low-income families to access subsidised care, childcare reforms and an investment in preschool programs.

Many of the Illawarra’s wealthier retirees will have their part-pensions reduced, or become ineligible altogether, as part of an overhaul of the pension system.

From January 1, the asset-free area for pensioners will increase, allowing about 170,000 pensioners with moderate assets nationwide to receive a full or increased pension.

From 2016-17, University of Wollongong graduates who shift overseas for at least six months won’t escape debt repayments, as the government extends its Higher Education Loan Program (HELP) framework. The change will impose the same repayment obligations as those that currently apply to graduates living in Australia.