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With the backdrop of natural disasters, continuing waves of COVID-19 infections, ongoing labour market challenges, supply-chain constraints, and potential for rising inflation, short term measures seem the foundation of this Budget.
Despite Australia’s unemployment rate of 4%, international uncertainties are set to add pressure on the cost of living, key measures in the Budget provide cost of living relief in the form of an increased Low and Middle Income Tax Offset, a one off $250 payment for welfare recipients and pensioners and a 6-month fuel excise relief.
Other measures for business seek to promote innovation, with expanded “patent box” tax concessions proposed, and provide tax incentives for small business to invest in the skills of their employees. A lower GDP uplift rate for PAYG and GST instalments has also been proposed to support cash flows of small and medium businesses.
We’ve set out the tax, superannuation and social security highlights, and break it all down in the reports below.
