This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives designed to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment.
The Government has also stated that it will keep taxes as a share of GDP within the 23.9% cap.
All measures, of course, are reliant on the relevant legislation passing Parliament which is by no means a given with an election looming.
Budget 2019-20 Highlights:
- $19.5bn package of personal income tax cuts
- Instant asset write-off increased to $30k and expanded to businesses under $50m
- Specialist tax advisers the focus of $1bn ATO task force funding
- $100bn in infrastructure projects across all States and Territories