• 2019 Australian Federal Budget

    “Setting the course for a better and brighter Australia” – Josh Frydenberg.

Federal Budget 2019-20

The 2019 Federal Budget was very much a predictable pre-election budget, with the Government battening down the hatches for what they hope will be a smooth sail directly towards an election in May.

It was clearly a ‘welcome aboard’ budget with a myriad of spending measures, and the Treasurer aiming to steady the boat for the population. The promised investments in transport and infrastructure, as well as spending in education, healthcare, and support for other parts of the community, will hopefully provide a fair wind, with a future flow-through to the economy.

The personal income tax cuts will be welcome ‘wind in the sails’ for individuals. However, while the low and middle income tax offset will be available for the current year, the most significant of the cuts are a long way off and only coming into full effect after five years, so it’s not likely to be full steam ahead any time soon.

There is likely to be significant debate about whether the projected budget surpluses for the next four years are sufficient to insulate Australia from any turmoil in the world economy.

Finally, while there was nothing in the budget to scare those in the business community doing the right thing, it is clearly a case of stormy waters for those businesses that don’t.  A warning shot has been fired to ensure recalcitrant businesses change tack and run a tighter ship.  This is a welcome measure to ensure fairness for those who sail true.

Overall the 2019 Federal Budget appears intended to minimise the Government’s cross section on the electoral radar, while spending money where it is likely to be seen to be beneficial to the community. It remains to be seen, in the words of two famous Royal Navy toasts, whether this budget will get ‘fair winds and a following sea’, or ‘bloody war and a sickly season’.

Videos

Federal Budget Introduction
Marcus Leonard, National Leader, Tax
Tax cuts
Neil Billyard, Partner, Tax
Superannuation
Shayne Carter, Partner, Tax
Anti-avoidance
Joel Phillips, Partner, Transfer Pricing & Carlo Moretti, Partner, Tax
Melbourne Federal Budget Dinner
David Blake, Partner, Tax
Tax Reform
David Blake, Partner, Tax
Transfer Pricing
Zara Ritchie, Global Leader, Transfer Pricing