08 May 2018
The Australia government has released its budget for the 2018-19 financial year to – as usual - acclaim, discord and everything in between.
The budget reports Australia will record a deficit of $A18.2 billion this year, before returning to surplus earlier-than-expected in 2019-20.
Below are what some of Australia’s most-respected experts are saying about #Budget2018 on Twitter.
The Government says net debt will now peak at 18.6 per cent of GDP in 2017-18 and fall by $30 billion over the forward estimates
— ABC News (@abcnews) May 8, 2018
#Budget2018 is the first in some years in which most of the fiscal news has been positive: budget back in surplus a year earlier than expected and net debt profile slightly better #Ausecon #AUD #auspol
— ANZ_Research (@ANZ_Research) May 8, 2018
3/ Budget revenue has been boosted by Chinese mineral demand that's increased corporate tax receipts, and a jobs bonanza that's lifted personal tax payments and cut welfare costs https://t.co/5YiBRelmBv pic.twitter.com/dM97TE2tVO
— Bloomberg Economics (@economics) May 8, 2018
The fiscal prudence in #Budget2018 has come at the “cost” of fewer giveaways than might have been the case - we expect the Government to gain favourable comment for banking some of the revenue gains #Ausecon #AUD #auspol
— ANZ_Research (@ANZ_Research) May 8, 2018
As expected, tax reform proved to be a key plank of the budget, with tweaks to tax brackets.
Middle income tax bracket to be increased from $87,000 to $90,000 #Budget2018 #auspol
— SBS News (@SBSNews) May 8, 2018
The cost of the tax cuts in #Budget2018 #ausecon #auspol @ANZ_Research pic.twitter.com/QUqCJykb6z
— Cherelle Murphy (@cherellemurpfry) May 8, 2018
The Government will provide income tax cuts in three stages over seven years. Immediate tax relief for low and middle income earners... higher income earners are going to have to wait until 2024. That’s three elections away @SkyNewsAust
— Laura Jayes (@ljayes) May 8, 2018
This is certainly turning out to be a Giveaway Budget. The Govt's 7 year personal income tax will see around 94% of tax payers face a marginal tax rate of 32.5% or less compared with 63%. See personal tax calculator at https://t.co/lWt7FTmvdU #Budget2018
— Effie Zahos (@effiezahos) May 8, 2018
Small businesses will again benefit from changes which will see the popular instant-asset write off extended.
Small business (thread): The Government will once again extend the instant asset write off for businesses with a turnover of up to $10 million for purchases of up to $20,000 until 30 June 2019 #Budget2018
— Political Alert (@political_alert) May 8, 2018
Young Australians will be pleased to learn they will likely benefit the most from changes to superannuation – if they notice.
I Know This Sounds Boring But The Budget Superannuation Changes Will Probably Affect You https://t.co/ECXGJmAboP @BuzzFeedOzPol
— Lane Sainty (@lanesainty) May 8, 2018
And finally, expected infrastructure spend has been finalised in good news for both metropolitan and regional areas.
Federal Government to spend $24.5B on major infrastructure projects over the next four years, part of a $75B decade-long plan to upgrade our transport sector. Victoria to receive the lion’s share of the cash for major rail projects. #TenNews #Budget2018 pic.twitter.com/wBnumffcfd
— Sandra Sully (@Sandra_Sully) May 8, 2018
$3.5B to be spent to establish a Roads of Strategic Importance initiative, to support the upgrade of key regional freight corridors across the country. #TenNews #Budget2018 pic.twitter.com/HlGZZHtQQV
— Sandra Sully (@Sandra_Sully) May 8, 2018
The difference between the two blue lines is the additional capital spend by the Commonwealth in #Budget2018. ie very little new money for #infrastructure compared to last year's budget. @ANZ_Research #auspol #ausecon pic.twitter.com/y0krliWruj
— Cherelle Murphy (@cherellemurpfry) May 8, 2018
Shane White is Senior Production Editor at bluenotes.
You can read bluenotes’ full coverage of #Budget2018 HERE.
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
08 May 2018
09 May 2018