The government says the economy is ready to roar . This is what Australia really makes of the $74.6 billion Budget. Jack Derwin The Morrison government may have laid out its election platform in Tuesday s Budget. (David Gray, Getty Images)
The Federal Budget released on Tuesday evening has been pored over by Australians, economists and lobby groups overnight.
Laying out $74.6 billion in new spending measures over five years, many see it as a big spending election Budget, aiming to appease as many voters as possible.
Here s what Australia makes of it.
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While the Federal Opposition won t deliver its counter-pitch until Thursday evening, industry groups, economists, and lobby groups are already weighing in with their two cents.
Source: AAP/Tracey Nearmy
Australian Small Business and Family Enterprise Ombudsman Bruce Billson has called the government’s move to allow small businesses to apply to halt tax office debt recovery in the Administrative Appeals Tribunal “a positive step”.
Ahead of Tuesday’s budget, the Morrison government announced it will allow businesses engaged in debt disputes in the Administrative Appeals Tribunal (AAT) to apply to pause or modify Australian Taxation Office (ATO) debt recovery actions linked to the dispute in the AAT.
“[It’s] a really positive step about the tax office recognising that small businesses deserve a fairer go when it comes to disputes they may have with the ATO,” Billson tells
Treasurer Josh Frydenberg. Source: AAP Image/Mick Tsikas.
Six years ago, the Coalition delivered what was widely received to be a small business budget.
The 2015 federal budget included the blockbuster $20,000 instant asset write-off, along with a range of other policies for SMEs, and the sector was buzzing.
Small business ombudsman Bruce Billson was small business minister at the time and his enthusiasm for the small business measures was met by many businesses themselves.
That year’s budget was far from perfect, but it stands out among the ones since as actually prioritising small businesses.
As
SmartCompany heads into this year’s lockup in Parliament House, we’re hoping to see a budget that channels some of those 2015 vibes.
Date Time
Budget paves way for small business-led national economic recovery
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson says the Federal Government’s 2021 Budget is a clear acknowledgement that small and family businesses are central to the nation’s economic recovery and future prosperity.
The Budget includes several new, extended and enhanced measures to support small businesses including:
$129.8 million to encourage entrepreneurship through the New Enterprise Incentive Scheme (NEIS) and Entrepreneurship Facilitators Program
$1.2 billion investment in the digital economy
$10 billion guarantee of reinsurance pool to cover cyclone and flood damage across Northern Australia
$506 million extension of federal government’s JobTrainer program
Budget 2021: New franchise disclosure registry to be established as Ombudsman’s office gets more funding
Eloise Keating
May 11, 2021
The federal government appears to be listening to ongoing concerns in the franchise sector, using the budget to announce plans for a new mandatory franchise disclosure registry to help prospective franchisees access the information they need before signing up to a new franchise agreement.
The new registry comes amid a broader focus on dispute resolution for small and medium businesses in the 2021 federal budget, with the office of the Australian Small Business and Family Enterprise Ombudsman to also receive a funding boost.