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'Without increasing taxes'

By Michael Knox - posted Monday, 8 April 2019


The Coalition is boosting infrastructure spending to $100 billion over the decade. A list of projects was announced, covering all States. The government announces a skills package costing $525 million. This will create 80,000 new apprenticeships. The incentive payment to employers is doubled to $8,000 per placement. These new apprentices will also receive a $2,000 incentive payment.

The government is establishing a $20 billion medical research fund. There is also more than $400 million in the Budget for Genomics Research to further unlock the secrets of DNA.

The Budget also includes a $3.5 billion climate solutions package. $2 billion of this will go to practical emission reduction activities, working with farmers and Indigenous communities.

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Conclusion

While no one was looking, Australian export commodity prices have been rising over the last three years. This has generated a larger increase in Federal government revenue than anyone suspected. This has allowed the government to balance the Budget, at the same time as providing tax cuts and handouts just before election time.

This Budget has also allowed one of the better crafted Treasurer's addresses in recent years. This is not just an election Budget. This is the opening speech of an election campaign.

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This article was first published by Morgans.

Disclaimer

The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual’s relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so. Those acting upon such information without advice do so entirely at their own risk.

This report was prepared as private communication to clients of Morgans and is not intended for public circulation, publication or for use by any third party. The contents of this report may not be reproduced in whole or in part without the prior written consent of Morgans. While this report is based on information from sources which Morgans believes are reliable, its accuracy and completeness cannot be guaranteed. Any opinions expressed reflect Morgans judgement at this date and are subject to change. Morgans is under no obligation to provide revised assessments in the event of changed circumstances. This report does not constitute an offer or invitation to purchase any securities and should not be relied upon in connection with any contract or commitment whatsoever.



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About the Author

Michael Knox is Chief Economist and Director of Strategy at Morgans.

Other articles by this Author

All articles by Michael Knox

Creative Commons LicenseThis work is licensed under a Creative Commons License.

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