Date posted: 3/04/2019 2 min read

Federal Budget measures impacting the accounting profession

It's rare that the Federal Budget contains measures specific to the accounting profession.

In brief

  • Educating women on financial matters
  • Funding to improve audit quality
  • ABSTUDY improved
  • International students encouraged to work in regions

Chartered Accountants ANZ is delighted to see Budget measures designed to increase women's participation in the workforce, boost their earning potential and economic independence. We particularly look forward to hearing more about promised scholarships for women studying accounting, economics and finance.

"Budget measures aim to boost women's participation in the workforce, raise their earning potential and economic independence."

To improve audit quality, the government will provide $0.8 million over three years from 2019-20 to the Auditing and Assurance Standards Board. The funding is earmarked for the Financial Reporting Council's Audit Quality Action Plan and to support the Chair's three-year appointment to the International Accounting Standards Board.

We also support the government's decision to extend Family Tax Benefit to ABSTUDY recipients aged 16 and over who study away from home. Increased secondary education completion rates amongst indigenous Australians will help boost participation in tertiary studies, with CA ANZ being a long-term supporter of boosting the number of indigenous accountants.

CAs and other business operators in rural and regional Australia often cite problems in recruiting staff. To help address this, international students will be able to apply for an additional year on a second post-study work visa if they complete a higher education or postgraduate qualification in a regional area, and live in a regional area while holding a Temporary Graduate (subclass 485) visa. This measure applies from November 2021.

2019 Federal Budget

More coverage on the 2019-20 Federal Budget.

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