Queensland Economic Advocacy Solutions

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Peak Business Group Wishlists for Federal Budget 2017-18

Business Council of Australia

The Business Council believes that Australia has until 2025 to put the budget on a sustainable footing before we reach tipping point and sets out a strategy to promote stronger growth, better services and increased value from government spending:

  • Embed a systematic approach to improving program outcomes and delivering sustainable budgets, guided and supported by overarching fiscal goals and rules to contain spending and revenue growth and the overall size of government
  • Passage of several blocked savings measures and actions over the medium term across several program areas including healthcare and education, that would contain growth in outlays
  • A suite of policies to promote stronger growth including infrastructure, comprehensive tax and regulatory reforms that should be implemented in tandem with budget repair.

Australian Small Business and Family Enterprise Ombudsman (ASBFEO)

The ASBFEO is calling for a range of measures in the Budget, including:

  • Extend the instant asset write-off scheme and consider lifting the threshold above $20,000.
  • Implement a mandatory code of banking practice overseen by Australian Securities and Investment Commission with compliance a condition for a banking licence in order to improve banks’ small business lending practices and provide a safeguard against misconduct. The ASBFEO also calls for banks to be prohibited from applying non-monetary default terms on small business loans of up to $5 million that are financially compliant.
  • The Australian Government introduce 15-day business payment time.

Australian Chamber of Commerce and Industry

The Budget should aim to encourage competition, stimulate economic growth and provide certainty. Australia needs to take decisive action to future proof Australia.  The 2017-18 Federal Budget should seek to deliver:

  • Four key savings measures:  abolish the Energy Supplement; phase out Family Tax Benefit B; make the age pension more sustainable; and introduce greater competition in the delivery of government services.
  • Four key spending measures:  boost apprenticeships and maintain Vocational Education and Training (VET) funding; build vital infrastructure; extend accelerated depreciation for small businesses; and reduce tariffs to zero over five years.
  • Four key measures to stay the course with the Government continuing to pursue: company tax cuts for all businesses; outstanding budget repair measures; reforms in family payments and childcare; and red tape reduction.

Australian Industry Group

AI Group believes the challenge for the nation’s political leaders is to press ahead with the directions that are necessary to become more competitive, flexible and productive and recommends:

  • Greater and smarter investment in the education and training of the current and future workforce;
  • Active development of Australia’s innovation and business capabilities;
  • A clear trajectory to budget sustainability while facilitating new infrastructure investment;
  • A first step in a more holistic reappraisal of our approach to taxation.

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