2019 FEDERAL BUDGET HIGHLIGHTS!
3 APRIL 2019
The Federal Budget was released last night and overall not particularly surprising. The expected surplus of $7bn was announced, although it should be noted this is ‘projected’ and still depends on the government achieving key revenue targets before the end of the financial year. It was always going to be a fine line for the government to be responsible and bank this surplus, versus spending to improve their election position.
We expect the budget to be closely followed by the announcement of a federal election date, which will be sometime in May. This is the shortest period in history between a budget being announced and a Federal election. With Labor showing consistently strong poll results their budget reply speech on Thursday night will be a key announcement.
Key policies that caught our eye include:
Major reduction in personal tax rates between now and 2024
Increased instant asset write off from $20,000 to $30,000
Lifting of contribution age eligibility from 65 to 67 without requirement to meet work test
One-off payment to eligible social security and DVA recipients to assist with the cost of energy bills
Release of an additional 10,000 home care packages across the four package levels