FEDERAL BUDGET REPORT 2016

05/04/2016Business, Investment Property, TaxationNo Comments

OnTuesday, 3rd May 2016, Treasurer Scott Morrison handed down the 2016-17 Federal Budget, his 1st Budget.

In the lead up to the Budget, the Government repeatedly emphasised the need for Australia to “live within its means” and that the Government had to carefully examine its expenditures. That theme was strongly confirmed by the Treasurer in his Budget Speech. Mr Morrison said the Budget was “not a typical Budget” in terms of sweeteners etc, but was about the Government’s economic plan for Australia. And of course, with an expected double dissolution election to be held just 2 months after the Budget, on 2

July 2016, the 2016 Budget assumes a greater importance and context than normal.

The Treasurer said the Budget is designed to essentially do 3 things:

 

  • to grow the economy and to support growth in jobs;
  • to ensure the tax system is better targeted so it can support investment that drives jobs and growth; and
  • to ensure that “we continue on our strong path to Budget balance by keeping our expenditure under control, by living within our means”.

For full details click  FEDERAL BUDGET 2016