As the treasurer, Scott Morrison, prepares to hand down his third budget tonight. Will it be enough to ensure Australians have the jobs, livings standards and opportunities to which they aspire over the long term – a budget which will lead into the next Federal Election?
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Governments continue to be held accountable by organisations such as the NSW Business Chamber, who’s 20,000 business members are hard working parents with children and mortgages. Individuals whose innovation and opportunism provides a service to the community, improves our standard of living and creates numerous thousands of jobs.
The mid-year economic and fiscal outlook from December 2017 highlighted that Australia, and in particular NSW with 133,000 new jobs created over the past year, has returned higher than expected business and individual tax revenue which has influenced the Government’s decision to remove the scheduled Medicare levy increase from 2% to 2.5%.
“The message from the Turnbull Government is that business and income taxes will be a focus, if these are substantial it will put more money in the pockets of households, generate jobs and encourage more local spending in our community.” said Joe Townsend, Regional Manager NSW Business Chamber.
“To date, there hasn’t been many confirmed leaks. However the Government is reportedly set to unveil $24 billion in infrastructure, with Victoria tipped to receive nearly 30% compared to the state with the most federal voters, New South Wales, set to only receive about 7%” said Joe Townsend.
Living outside a capital city should not be a barrier to opportunity for business or work. That means investing into more liveable cities, connecting the major capitals with regional centres, and the regional centres with regionals towns. The government has to be serious about infrastructure development that benefits people, their work and the ‘big picture’ – not just metro rail projects.
The $20,000 upfront asset write-off, is scheduled to end on 30 June 2018, as it has been several times since its introduction in 2015. The current scheme is valued by small business, who use it to free up more money to be spent on investment assets and employees.
“The instant asset write-down allows business to bring forward their tax deductions and needs to be extended. The government should adopt the Opposition’s proposed enhancements to accelerate depreciation.” Said Joe Townsend.
“The government needs to be acutely aware whether they are leaving future generations in a better or worse position to face the future. As a member of the business community, which funds the Governments expenses, I personally believe we need Australia to be the best place in the wold to do business – so that Australians have the jobs, living standards and opportunities to which they aspire now and in the future.” Said Joe Townsend.
