- Budget has broad voter appeal and positions government for early election
- Treasurer remains optimistic that Australia will continue its slow economic recovery
Superannuation measures demonstrate need for comprehensive review of retirement incomes system
The 2017-18 Federal Budget indicates that the government is in a state of readiness for an earlier than expected Federal Election.
The pre-Budget announcement of needs-based school funding – together with big bets on infrastructure, the removal of the Medicare rebate freeze, a crackdown on non-residents investing in Australian real estate and a one year reprieve for the popular small business $20,000 instant asset write-off – will have broad appeal to voters.
In terms of the economic outlook, the Treasurer remains optimistic that Australia will continue its slow recovery, returning to surplus by 2020-21. This rosy outlook is based on assumed real GDP growth of 3% per annum.
Overall we are pleased with the superannuation measures announced, which demonstrate the need for a comprehensive review of the financial arrangements impacting on retirement - particularly superannuation, taxation, aged care and social security - to ensure that the whole system is fair, sustainable and fit for the long-term.
We call on the government to:
- Deliver consistent, ethical leadership and long-term decision making to secure Australia’s prosperity, not only for the next three years but for the next thirty years.
- Act now on building a sustainable tax base for our nation’s long term future, and a sustainable retirement incomes system that allows Australians to invest and plan for their future with confidence and certainty.
- Improve budgetary analysis and decision making by considering the fiscal implications of key policy decisions over a ten year period, and establishing a body, independent of Treasury, to assess the impact of policy measures over a decade.
Highlights from our coverage of this year’s Federal Budget include commentary, policy analysis, media and downloadable resources following the budget announcement on 9 May.
Top 10 things to talk to your client about
Ten points of interest that merit the attention of our readers from the 2017-18 Budget, covering a wide swath of topics from self-managed superannuation funds to tax cuts, to GST. .
News, media and related content
- Productivity Commission: Why don't we discuss growing the pie, instead of arguing about the size of the slice
- Use budget to open GST debate: accountants
- The time to act is now: Australia needs brave decision making and a long-term plan
- Government's change of mind with debt could benefit generations of Australians
- Company tax rate good news for small to medium sized companies, but Australia can't afford to give up on a 25% rate for all companies
- Major accounting body pushes govt for GST, corporate tax review
- Unfinished reform beyond business tax cuts
- Next Federal Budget must set long term strategy for Australia's future
- Chartered Accountants call for independent body to measure long-term impact of policy on budget
Blogs, opinion and interviews
- What CAs want from Budget 2017
- Australian Budget 2017-18 wishlist
- 2017 Australian tax predictions
- Expert interviews on the debate about Australia’s public debt
- Lessons for populist leaders in disruptive times
- Complacency towards corruption our biggest threat
- Corruption and bribery in New Zealand and Australia