State & Federal Legislation/Budgets
Reading Room - State & Federal Legislation/Budgets
The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty.
The politicians have weighed in on the RBA's economic policy and reticence to reduce interest rates in the face of community pressure. We look at what the numbers are showing.
Australia is facing ongoing global uncertainty stemming from persistent inflation in North America; growth slowing in China; the UK and Japan finishing the year in recession; and tensions rising in the Middle East and Eastern Europe.
The Women’s Budget Statement is now a reporting mechanism for Working for Women. The budget focuses on five priorities, including gender-based violence, unpaid and paid care amd economic equality.
The Government will provide $187 million over four years from 1 July 2024 to the ATO to strengthen its ability to detect, prevent and mitigate fraud against the tax and superannuation systems.
Small businesses will receive $325 off their energy bills. The $20k small business asset write-off has been extended. And there's a new initiative to make Australia a “renewable energy superpower.”
As previously announced, the Government has legislated permanent tax cuts for all Australian taxpayers from 1 July 2024. The Medicare levy low-income thresholds will be increased and households will receive a credit of $300 on their energy bills.
The Treasurer is promising that inflation will decline by 0.75% as a direct result of the 2024-25 Federal Budget initiatives including energy relief for all households.
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement. A recent Australian Bureau of Statistics (ABS) survey found that 46.9% of businesses surveyed used some kind of restraint clause, including for workers in non-executive roles. The survey also found 20.8% of businesses use non-compete clauses for at least some of their staff and 68.2% for more than three-quarters of their employees.  Over the last 30 years, Australia has seen a decline in job mobility. Australia is not alone in this and other advanced economies have experienced the same issue. While restraint clauses are not the only factor contributing to the decline – an ageing population and a rise in post-pandemic market concentration in some industries has also contributed - i t is specifically the role of restraints that is the focus of the Competition Review issues paper (s ubmissions close 31 May 2024).
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