![]() ![]() The government has increased its planned spending on infrastructure, and now intends to deliver a total of $100 billion of investment over the next decade (including existing commitments), with a focus on ‘busting congestion’ and improving connectivity.The government also plans to bring forward the reduction in the company tax rate for small businesses. For small businesses the budget increases the instant asset write-off threshold and also expands access to medium-sized businesses with an annual turnover of less than $50 million.The budget offers short-term tax relief to low- and middle-income Australians and provides additional support for small businesses.Unemployment is forecast to stay at five per cent and Treasury still expects to see a pickup in wage growth. Real GDP is forecast to grow at around its estimated potential rate of 2.75 per cent in 2019-21.The government’s net financial worth is expected to improve in parallel. Net debt is expected to decline from 18 per cent of GDP in 2019-20 to zero per cent by 2029-30. ![]() Gross debt as a share of GDP is forecast to decline in each year of the budget estimates, falling from 27.9 per cent of GDP in 2019-20 to 12.8 per cent of GDP by 2029-30.Surpluses are then forecast to build across the forward estimates period. The budget targets an underlying cash surplus of $7.1 billion (0.4 per cent of GDP) in 2019-20, following on from an estimated deficit of just $4.2 billion (0.2 per cent of GDP) in 2018-19. ![]()
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