Some good measures, but fears for genuine budget repair

Some good measures, but fears for genuine budget repair

From the CCIQ:

Treasurer Scott Morrison handed down the 2018-19 Federal Budget in Canberra tonight, and it contains a series of measures to assist small businesses to grow, invest, and employ.

This is ultimately an election year budget, with the Government focusing on selling a ‘low-taxing’ budget message through the redirection of a modest upside in revenues to personal income tax relief.

The Government remains committed to company tax cuts, with the remainder of the package aimed at reducing the company tax rate to 25 per cent for all companies by 2026-27.

CCIQ welcomes the extension of the instant asset write-off provisions for small business capital purchases under $20,000, an important incentive for small businesses. There has also been an equalisation of the excise charged on craft beer kegs, which is a welcome announcement for our smaller craft beer brewers here in Queensland.

Queensland has received $5.2 billion in Federal Government funding for infrastructure projects across the State. CCIQ welcomes key SEQ congestion busting measures such as funding for the M1 and Brisbane Metro, as well as Bruce Highway funds and the strategic allocation of funds for northern Australian roads.

$500 million has also been allocated to protect the Great Barrier Reef. Our tourism operators along Queensland ’s coast will be pleased with this funding commitment to help them plan and adapt to changes in our climate and the impact this has on small business operators in key industry sectors.

Nevertheless, CCIQ remains concerned that Budget 2018-19 has not gone far enough in addressing structural challenges in the budget. Although we have witnessed an uptick in revenues, this may very well prove temporary and the business community was hoping more would be done to protect Australia’s economy against potential headwinds.

Read more here.

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