The 2017-18 budget represents the federal government’s attempts to ‘defrost’ public hostility amidst rising economic populist sentiment in the electorate.
While committing to continued growth and a budget surplus by 2020-21, the government has acknowledged the nation’s prosperity is not being evenly shared. This is an urgent challenge as Australia’s economy confronts globalisation, technological change and the end of the mining boom.
The budget targets Australia’s big five banks, multinational tax avoiders, foreign workers and foreign resident investors, while making voter-friendly announcements in relation to health, education (particularly schools funding), infrastructure spending and housing affordability.
While the budget represents welcome measures to help small businesses navigate the global economy, it is important that the same logic be applied to all companies. Mid-size businesses play a central role in driving innovation and growth. Reversing a decade of deficits will require MSBs to perform their share of heavy lifting and every effort should be made to give them a spur.
For a full review of the budget download our report here.
“The budget contains some welcome measures to rebalance the economy and help small business. However, mid-sized companies deserve more support as they are Australia’s best shot at growing the economic pie.”
- Greg Keith, CEO