Federal Budget 2020

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Unprecedented…2020…is it ever!

And in unprecedented times, during the first recession we’ve had in decades, this year’s Federal Budget is also unprecedented.

It’s a cash splash. It’s about scaling up manufacturing and energy, boots and utes on the ground, and moving towards a digital economy. It’s cutting red tape and providing the infrastructure to enable the private sector to take the reins of our recovery.

We must do things differently. We must rebuild a new economy. Emphasis on new. New investments, new jobs, new ways of working, new partnerships. It is an exciting time precipitated by a particularly dark year. Who would have thought 12 months ago that we’d be investing in manufacturing as a key economic lever for the future?

In addition to the previously announced funding for the energy sector, manufacturing and cyber security, the real winners from this years’ Federal Budget are worker and business investment. In particular, the tax loss “carry back” benefits will support businesses with a turnover under $5b, while the instant asset write-off will allow 99% of businesses to write-off the full value of any eligible asset they purchase for their business.

And this is only the beginning. It’s likely that we will return to the normal Budget cycle in 2021 – so we will be here again in May. It’s another opportunity for the Government to invest in growing out of this unique recession.

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Federal Budget Virtual Conference 2020

Navigating the new normal

This year, it was more than a Budget, it was a blueprint for businesses to “grow” out of the recession.

Grant Thornton’s Federal Budget Virtual Conference unpacked what the federal budget means for mid-sized business, taking into account tax, business, political and economic impacts.

Bringing together expert panels, the Conference covered the key measures from the Budget announcement, as well as R&D and industry, disruptive technologies, cyber security and the new digital economy, where investors are placing their funds for the future, social expectations on business and how businesses can chart a course to recovery.

If you missed any of our sessions or would like to watch them again, you can watch them on-demand below.

Watch on-demand

Looking back to look forward

We were initially writing the ‘Federal Budget: A 10 year retrospective’ report before COVID-19 as an advocacy piece for more industry investment and support. Of course, the way the year started is not the way the year is ending. Many sectors that had been left to their own devices are now key for our recovery. Sovereign capability. Jobs. Digital economy. Modern manufacturing. Renewable future. Deregulation. Innovation. These are the terms we will use as we settle into COVID-normal.

Our report looks retrospectively at 13 different industries, the investment made into them by Government and their contribution to GDP. This is then overlaid with the opportunity we see for industry in this new normal based on recent Government announcements.

Download report

COVID-19 Hub

I think we can all agree that the events of 2020 will have an indelible impact on how we live and work and trade. From cash flow through to redesigning your business, learn more about how you can embrace the new normal.