The business sector is demanding the Morrison government bring forward personal and company tax cuts no matter the cost to the budget bottom line as Treasurer Josh Frydenberg signals an increase in the superannuation guarantee may be abandoned.
It also failed to include new spending measures to help guide the economy out of the current recession.The depth of the recession will be revealed this week, with the June quarter national accounts to be released on Wednesday. The economy contracted by 0.3 per cent in the March quarter with economists tipping a hit of between 5 and 7 per cent in the June quarter.
He said while restoring the nation's finances would be a challenge over coming years, the government should implement policies now even if they did add to the deficit in the short term. Two years later, the 32.5 per cent rate will be reduced to 30 per cent for incomes of between $45,000 and $200,000 while the 37 per cent tax bracket will be abolished.Alex Ellinghausen
The group is also backing a $500 million allocation of capital grants to scale up energy systems including heat pumps, electric induction furnaces and energy management systems.
We have encountered a pandemic that will impact the economy for an awful long time, the federal government is supporting those impacted by loosing jobs, but how will the spending ever be paid back if all the government does provide tax cuts? They will break this country financ
Industry groups should thank their lucky stars Liberals are in power rather than Labor..........As it is, Victoria are the failure not other states and territories.
Josh out perpetuating the lie the liberals are the party of lower taxes
Just watched Frydenberg being interviewed , what a train wreak he doesn’t like it when his proved wrong . What a nasty little man😥
If we cut taxes and destroy the income stream... The liberals will cut services. What a destructive strategy
Tax cuts for businesses with no turnover. Smart move
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tax cuts followed by raising GST to 20% like in UK
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