More than just tax, it’s a reimagining of Australia’s future.

It boggles the mind how quickly things can change. Within months the world and the economy went into hibernation as COVID gripped countries one by one. Supply chains and borders were revealed to be extremely vulnerable. We all prepared for the worst – years of lockdown, economic depression, record unemployment and intergenerational debt.

No economist at the time figured we’d be on the road to recovery so soon. Yet here we are, only 14 months later. Instead of our children and children’s children shouldering the debt incurred to keep our businesses and jobs afloat during the COVID pandemic, some forecasts suggest that debt will be wiped out by the mid-2020s. Our economy is doing much better than expected. But the future economy won’t look the same.

The current economic conditions make this Federal Budget all the more interesting. With eight out of ten jobs in the private sector, the onus will be on the private sector – you and me – to keep the recovery going. The Government’s job is to provide the platforms and incentives to allow us to retake the reins of the economy.

It’s about local but global. Manufacturing but smarter. Business as usual but new consumer demands.

Federal Budget 2021 Virtual Seminar

The impact of COVID has been monumental, forcing businesses and the Government to re-assess and reset. With the economy doing much better than expected – avoiding depression altogether – we have an opportunity to reimagine the economic landscape.

This year’s Federal Budget needs to address Australia’s appetite to both build domestic capability and compete internationally. There will be new industries, new trade deals, and new consumer demands.

Watch our virtual seminar, where we will bring together experts to explain and challenge the plan for future growth, share insights and understanding of what lies ahead for businesses in Australia.

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Economic update from Besa Deda, Chief Economist St. George

Australia’s incredible economic rebound has helped the government project a smaller deficit for 2020-21 of $161.0 billion. This is substantially smaller than expected just a few months ago. For 2021-22, it is expected to be $106.7 billion.

Besa Deda, Chief Economist, St. George, breaks down what this means for us and what it means for the economy.

 

 

 

 

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