Australian Federal Budget 2017-18

Reports, insights and analysis of the Federal Budget delivered in Canberra on 9 May 2017

In brief

  • 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. . 

Read moreAbout Top 10 things to talk to your client about

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