PREMIER Colin Barnett has labelled Tuesday’s Federal Budget ‘responsible’, while opposition leader Mark McGowan is calling for more for WA.
Federal Treasurer Scott Morrison presented his budget on May 3 and Mr Barnett said it was refreshing to see a longer term approach, rather than a year-to-year approach,
“One of the best features of this Federal Budget is the tax concessions for small-to-medium sized businesses, something that is particularly important for Western Australia,” he said.
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READ NOW“I was pleased to see Perth’s defence manufacturing industry was explicitly referred to and acknowledged in the Treasurer’s Budget speech.
“This Federal Budget clearly addresses the structural change that is taking place in the Australian economy.”
Mr Barnett said the commitment to infrastructure was good.
Opposition Leader Mark McGowan wanted to see more money committed for infrastructure and rail.
Speaking from Thornlie train station on Wednesday, where an extension has been flagged but not funded for, Mr McGowan said the budget does not provide any new money for Western Australia.
“(The) Liberal Party take WA for granted, think they got WA in the bag and so therefore they don’t give us anything,” he said.
Key Federal budget points
– From July 1, the small business tax rate will be lowered to 27.5 per cent and the turnover threshold for small businesses able to access it will be increased from $2 million to $10 million.
– Crackdowns on tax avoidance and loopholes and fixing specific problems to combating tax avoidance, especially by multinationals
– New operational taskforce of more than 1000 specialist staff in the ATO to police and prosecute companies, multinationals and high wealth individuals not paying the tax they should
– From July, the Government will increase the upper limit for the middle income tax bracket from $80,000 to $87,000 per year.
– From July 1, 2017 the Government will reduce access to generous superannuation tax concessions for the most wealthy.
– A 10-year enterprise tax plan to boost new investment, create and support jobs and increase real wages, starting with tax cuts and incentives for small and medium-sized enterprises.
– A packet of cigarettes is expected to rise to $40.