Australian Federal Budget 2019-20
As expected for a pre-election Budget, the Government has sought to utilise the strong budgetary position gradually built up over the last 12 years and the return to surplus to provide benefits to both the household and small business sectors with tax cuts and large infrastructure spending. In addition there is a focus on social benefits with programs such as a ‘skills package’ as well as investment in health and environmental protection. It is a big spending Budget with few tax changes for large business.
Among the more significant reforms, the Government has undertaken:
- Personal income tax concessions – focused on low and middle income earners
- Increased tax concessions for small to medium-sized businesses
- Significant infrastructure spending of up to $100 billion over a decade
- Large investment in funding of government agencies and regulatory compliance, including the ATO’s Tax Avoidance Taskforce and APRA’s Banking Executive Accountability Regime
- Focus on social issues – such as health care and urban congestion
All Budget 2019-2020 documents are available to download from the Treasury's Budget 2019 website.
For an in-depth analysis, select an area of reform below: