Federal Budget

Looking back to look forward

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The ‘Federal Budget: A 10 year retrospective’ report was meant to provide the basis for change for industries with significant potential but lacking support at a policy level. For instance, manufacturing, energy and life sciences are sectors we see huge potential in but were really underserviced by Canberra.

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The sands have shifted beneath our feet in 2020 with the COVID-induced recession. 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 on everyone’s lips as we settle into COVID normal.

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If you look at industry contribution to GDP over the last decade, there is significant room to move to get a better balance between the heavy-hitting knowledge economy and our production sectors. For instance, technology represented less than 2.5% of GDP in 2019 – in a digital economy, surely we can expect this to grow more steeply?

In particular, our clients in the mid-sized sector have a significant role to play in this future economy. They are nimble and entrepreneurial at heart, and many of our clients have already embraced the change that COVID has wrought. In our Mid-Sized Business Report from 2019 we revealed that mid-sized business punched well above its weight in terms of contribution to the economy – and this was without the political and policy benefits afforded to small business or the resources of the very largest companies.

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What do we cover for your industry?

We hope you enjoy this report – which is both reflective and future gazing. With another Budget in May 2021 and a Federal Election as early as October next year, we know there will be more from the Government to help navigate this new normal. There is opportunity on the horizon.

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