The budget deficit is projected to hit $213.6 billion, a record 11% of GDP, before winding back: Instead of falling, as predicted in the last budget, debt will climb: There’s spending and tax cuts a plenty: It’s expected to bring about a bounce-back in economic growth: But much depends on the assumptions, including a return… Read more »
The delayed 2020 federal budget, delivered by Treasurer Josh Frydenberg in the wake of the damage wrought by Covid-19 contained a major unexpected win for the startup sector over the R&D Tax Incentive. Amid a massive $213.7 billion deficit for this year – and $480.5 billion over the next four years, there were accelerated income… Read more »
Tax cuts aren’t the half of it. The personal income tax cuts promised in the budget will cost A$17.8 billion over four years. The measures aimed at supporting businesses – the temporary instant tax write off of capital investments, the temporary ability to use losses to reduce previous tax payments, the JobMaker hiring credit and… Read more »
Accelerated tax cuts, cash splashes for pensioners, massive incentives for business to invest and a subsidy to hire unemployed people are the centrepieces of the Morrison government’s COVID-19 budget. More than 11 million taxpayers will get a tax cut backdated to July 1, giving lower and middle-income earners tax relief this financial year of up… Read more »
Not many stories can compete with the run up to a federal budget, especially one with a deficit like none of us has ever seen, income tax cuts, and much else besides. But Donald Trump’s COVID infection certainly has done so in the last few days, especially given the official lying surrounding it and the… Read more »
The 2020-2021 Budget, to be delivered by the Treasurer next Tuesday, will be arguably one of the most important, if not the most important since the end of the Second World War. This year, the global economy is forecast to contract by around 4.5%. The world economy during the GFC declined by 0.1%. So in… Read more »
The federal government is selecting six priority areas for support in a $1.5 billion manufacturing plan Scott Morrison will outline in a pre-budget address. They are resources technology and critical minerals processing, food and beverage, medical products, recycling and clean energy, defence, and space. The plan will also focus on building “supply chain resilience” after… Read more »
Prime Minister Scott Morrison has announced an $800 million digital technology plan for business as part of the ongoing stimulus response to the Covid-19 pandemic The PM said next Tuesday’s Budget would support businesses to recover and create more jobs. The major areas of focus for the plan include digitisation of the government’s business register,… Read more »
The Morrison government will make sweeping changes to the insolvency system to improve the chances of saving small businesses hit by the pandemic. The reforms – which are described as the most significant for three decades – will cover three quarters of businesses currently subject to insolvency, almost all of which have less than 20… Read more »
The Morrison government today announced A$1.9 billion over ten years to develop clean technology in industry, agriculture and transport. In some ways it’s a step in the right direction, but a far cry from what’s needed to drive Australia’s shift to a low emissions economy. The big change involves what the money is for. The… Read more »
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