- Members say job creation and employment are the top priorities for the 2021-22 Budget
- Continuing uncertainty is the greatest risk for the nation’s recovery from COVID-19
- Policy agility and stability is needed to provide certainty and confidence for business and consumers
Australia’s Federal Budget should focus on job creation and employment, 23.2% of members said in a CA ANZ survey.
Of the 3497 Australian members who responded to our survey, 21.5% said they wanted an emphasis on economic growth and 13.15% wanted action to address climate change.
Other areas identified as priorities were managing the Budget debt and deficit, helping small business and healthcare. The Budget will be handed down in Parliament on 11 May.
Continuing uncertainty is the greatest risk facing our nations as we emerge from COVID-19, according to 31.6%, followed by global political relationships, trade wars and security risks at 22.4% and balancing short-term and long-term outcomes at 19.4%.
Other key risks noted were growing inequality, intergenerational equity and economic disadvantage, environment and climate change.
Members also see significant opportunities for Australia and New Zealand to work more closely together through the tourism and travel industry, a trans-Tasman travel bubble, digital services and infrastructure.
Investing in our recovery
“Despite high levels of uncertainty continuing globally, it’s terrific to see Australia’s economy and labour market recovering from the pandemic much faster and stronger than initially anticipated,” said Simon Grant, Group Executive Advocacy and International at Chartered Accountants Australia and New Zealand, says.
“We’re hoping this momentum will continue, supported by Federal Budget measures that encourage business investment, support skills training, lift workforce participation and deliver a timely, effective national vaccine rollout.
“CA ANZ advocates for policy making that balances agility and stability to provide certainty for business and maintain consumer confidence, enabled by regulatory settings that avoid complexity and burden.
“We’re also calling on the Government to use this year’s Budget to set a clear pathway to a net zero emissions economy and focus on goals that address social cohesion, inequality, skills development, the digital divide, intergenerational equity and environmental quality.
“Spending on recovery and rebuilding that create jobs and delivers long-term inter-generational value, particularly for younger Australians, will help support the next stage of the nation’s economic growth and enable the Budget deficit and debt to be reduced over time.
“The accounting profession continues to play a critical role, making a positive difference to their clients and the Australian community as we navigate the challenges and opportunities ahead.”
Australian Federal Budget 2021-22
This page will be regularly updated in the lead up to and beyond the Budget on 11 May with expert commentary on the major announcements CAs and their clients need to be aware of.Read more