Federal Budget

The 2019-20 Federal Budget, handed down on 2 April by the Treasurer, was delivered a month earlier than usual and is expected to be shortly followed by the proroguing of Parliament for the 2019 election. This budget focused on a return to surplus in 2019-20 and an accelerated program of tax cuts.

Here are our insights on some of the proposed measures, including:

• Tax cuts for low and middle income earners
• Changes to voluntary superannuation contribution rules for people aged 65 and over
• Significant funding to implement the Government’s response to the Financial Services Royal Commission
• A one-off Energy Assistance Payment for recipients of income support
• An increase to the value and eligibility for the instant asset write off for small and medium sized businesses.

More information on these and all of the other main talking points can be found in the FPA 2019 Budget Wrap-up and media release.