Federal Budget 2019/20
April 18, 2019
The centre piece of the Federal Budget 2019/20, brought down by Josh Frydenberg, is the move back to surplus next year which is in line with the schedule projected in last year’s budget.
A deficit of $4.2 billion is forecast for 2018/19, around $10 billion less than projected a year ago, and no doubt leaves room for additional spending announcements in the lead up to the Federal election. This surplus has been driven by favourable results in increased revenue through resources and lower than forecast unemployment.
A budgeted surplus of $7.1 billion is expected in 2019/2020. This surplus takes account of a range of additional expenditure measures which include:
1.Income Tax Cuts: Phased in over five years.
2.Infrastructure Expenditure: An increase in the funding of infrastructure to deliver ‘faster and safer commutes’.
3.Funding for skills and training: Additional apprenticeship incentive payments of up to $4,000 for employers and $2,000 for apprentices.
4.Accelerated Depreciation: Instant asset write off threshold increased from $25,000 up to $30,000 and expanded to businesses with a turnover of $50 million.
Read our detailed briefing on the Federal Budget and for the National Media Release