The winter fog that is blanketing Canberra at this time of year has been lifted somewhat with the return of Parliament, and the heat and light of Budget Estimates this last fortnight.
Last week’s Budget saw the introduction of new taxes, more recurrent spending, and a greater focus on delivering infrastructure.
The Federal Budget has become an annual ‘Twitter event’, with the politicos, business leaders, comedians and anyone with a Twitter handle hitting the hashtag #Budget2017 on the second Tuesday in May.
The underlying economic forecasts contained in the budget do not indicate boom times ahead, and there is current excess capacity within the Australian economy which will take some time to be taken up.
Grant Wardell-Johnson, Partner, Tax shares his first impressions on the 2017 Federal Budget.
It seems from the Budget that substantial tax reform is still off the table – though the moves on the black economy are important for the integrity of the system.