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Latest News

The 2019-20 Federal Government Budget Summary from Banksia Partners

By Banksia Partners on April 3, 2019

While last nights’ Federal government Budget is all about playing to the Coalition’s economic strengths and setting up for the forthcoming election, it does confirm that Australia’s finances have finally turned the corner after 12 years of ongoing budget deficits.

Delivered two years earlier than originally expected back in 2017, tax receipts are now being boosted by the resources export boom – resulting from the resources investment boom that went from 2007 through to about 2017 – and has also benefited from continuing higher iron ore, LNG, coal, and other commodity export prices than was originally expected.

The increased financial flexibility as a result of returning to a budget surplus means the government can target tax relief for the lower and middle-class Australian’s impacted by slow wages growth and the rising cost of living (specifically energy bills) earlier than it otherwise might have been able to do – it just has to get re-elected to be pass the budget measures into law!  <<Read more>>

 

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