Liberal Party of Australia
ADDRESS TO THE AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY
Delivering more jobs and a stronger budget
One year ago our nation was in lockdown.
We were staring into the economic abyss.
1.3 million Australians had been stood down or had lost their jobs.
At the time, Treasury feared the unemployment rate could reach 15 per cent with over two million out of work.
However, we were entering this crisis from a position of economic strength.
The unemployment rate was 5.1 per cent.
Workforce participation was close to a record high.
Welfare dependency at a 30 year low.
We had returned the Budget to balance for the first time in 11 years.
Switzer Daily
26 April 2021
Share markets generally fell over the
last week with first worries about the resurgence in global coronavirus cases
and then reports that President Biden will propose a doubling in capital gains
tax for high income earners weighing on markets. Although Chinese shares
managed to rise from a double bottom after sharp falls since February, US,
European and Japanese shares fell. Despite the weak US lead, Australian shares
were little changed, with sharp falls in energy, IT and property stocks being
partly offset by gains in health, industrial and material shares. Bond yields
fell slightly in the US, Japan and Australia but were flat in Europe. The
KPMG
Australia’s mid-market businesses are upbeat, and markedly less worried about the ending of the JobKeeper program than they were six months ago, KPMG Enterprise’s annual pre-Budget survey finds.
The survey of 100 mid-tier business leaders and directors found two-thirds (68 percent) had either used government support mechanisms through COVID and were ’emerging with confidence’, or said that new opportunities had emerged as a direct result of the past year’s experience. Less than half said that COVID or other factors had negatively impacted the business.
Only one-third expected the recent ending of the JobKeeper scheme to lead to a significant decline in economic activity and higher unemployment. This compared to two-thirds in the equivalent KPMG Enterprise survey just ahead of the October Budget last year. Almost one-half had used JobKeeper and one-third the instant asset write-off scheme.
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Weighing up the burden of corporation tax hike
By Tony Wickenden 1
st February 2021 1:13 pm
It is that time of year when Budget rumours start appearing in the press. As usual at this stage, it is impossible to tell which are the genuine possibilities and which are distractions promulgated by the Treasury to evoke relief when proven to be unfounded.
One of the ideas you will have seen doing the rounds is an increase in corporation tax.
In the Finance Act 2020, chancellor Rishi Sunak scrapped the reduction in the rate of corporation tax from 19 to 17 per cent, which had been legislated by then-chancellor George Osborne in the Finance Act 2016.