Our latest insights

The Federal Government delivered its pre-election Budget in May, and the key winners were older Australians, suppliers to infrastructure projects and small business – just to name a few.

Finally, we’ve been taking a holistic view to assessing the Federal Budget implications from global, industry and business perspectives.

Mid-sized businesses are the backbone of the Australian economy and it’s crucial this segment is supported by a future-focused, long-term tax environment so they can achieve sustainable growth in what is an uncertain economic environment.

The federal budget in May provides an opportunity for the Turnbull Government to build on Australia’s record-breaking run of economic growth. Such growth is essential to fund vital infrastructure projects and health and education services, and to improve the individual and collective wellbeing of Australia’s people.

Investment in research and development (R&D) is vital to Australia’s economy, and essential to attracting technology-focused organisations, investors and talent to our shores.

After much focus in last year’s Federal Budget, the real estate and construction sector still needs time to implement the raft of changes and assess the incentives under the Housing Affordability banner in 2017, as well as the more recent stapled securities announcements.

Watch Darrell Price, Grant Thornton’s Health & Aged Care National Head, as he shares his views on what the Federal Government needs to focus on in this year’s Budget to genuinely help – and incentivise – those in the sector, including the aged care, disability and general practice sub-sectors, so they can continue to provide solid, sustainable health care to those in the community.

One of the most discussed elements of the Turnbull government’s tax agenda is its proposal to reduce the corporate tax rate for businesses with an annual turnover of more than $10 million. If implemented, the proposal would see the corporate tax rate drop from 30% to 25% over a 10-year period.

Based on announcements prior to Tuesday’s federal budget, Australia’s improved economic fortunes and more rigorous tax compliance and enforcement activities are providing more revenue.

Many countries have the challenge of delivering sustainable tax revenues amid ongoing globalisation, technological change and disruption, rising energy costs and ageing populations. These influences won’t dissipate, but a review of recent history in the context of rumoured tax cuts in Tuesday’s federal budget reveals a substantial turnaround in Australia’s fortunes.

Whether the motivation is global competiveness, business strength, or individual prosperity, we know the wish list for the 2018 Federal Budget announcement looks different depending on which way you look at it.

Australian agriculture and food production have endured tough conditions in recent years, but there was a lot for both industries to be happy about in this year’s Federal Budget.