In just under half an hour, Federal Treasurer Scott Morrison will deliver his first budget. He says it will focus on jobs and economic growth. And he promises a budget that will be important for all Australians.
Annie Pullar reports.
Scott Morrison has remained calm ahead of what may be the biggest test to his political career.
Scott Morrison, Treasurer: “There are many important days in the Australian Parliament and this day is no different.”
The challenge is two-fold, delivering a plan to build an economic platform for the Government’s re-election while also proving he has a long-term strategy for an economy in transition.
The Government has promised a budget of no surprises and for many, it’s clear what the focus will be.
Scott Morrison, Treasurer: “We will stick to our jobs and growth focus.”
Tax cuts and superannuation reforms, a tobacco price hike, a $1.2 billion education boost and major investments in infrastructure projects across the nation are expected to dominate, but don’t expect too many sweeteners.
Scott Morrison, Treasurer: “We make no apologies for investing in things that improve Australia’s productivity, supports jobs and supports growth.”
Tax cuts to Australian’s earning more than $80,000 are expected.
The only problem, they’ll affect a handful of taxpayers, with three in four earning below the amount the cuts are expected to kick in.
Chris Bowen, Shadow Treasurer: “About 75 per cent of income earners would miss out on a tax cut which would cut in at $80,000, the treasurer appears unaware of that.”
Small business is likely to be the winner.
The budget will cut tax for small firms from 28.5 per cent to 27.5.
The eligibility threshold will be lifted from $2 million in turnover to $5 million, including thousands more businesses.
Malcolm Turnbull promises to bring a responsible, fair and prudent budget, time will tell if that’s what’s delivered.
Annie Pullar, QUT News.