Federal Budget 2018-19 Overview
9th May 2018
Last night the Government delivered a pre-election Budget with modest tax cuts directed at low and medium-income earners and a Budget result which returns the bottom line to a modest surplus in 2019-20, a year ahead of last year’s forecasts.
Although modest, the package appears likely to please low and medium-income earners, who are also likely to be pleased by its forecasts of higher wages and economic growth.
There are also increases for the aged care sector and some new incentives for older workers to continue employment.
The Budget contains few surprises in the general scope of its pre-election offerings. But as always there is a wealth of detail that had not been foreshadowed, including in areas which had not been expected to face changes – such as superannuation.
We have two overviews of the Budget from a tax and accounting perspective and from a political and economic perspective.