If you are a high income earner, earn income from overseas, or have a large asset base, then (if the rumours have any truth to them) you’re in the firing line in the 2015/2016 Federal Budget.
Prime Minister Tony Abbott recently stated that “There will be tough decisions in this year’s budget as there must be, but there will also be good news.”
Large structural reforms to tighten welfare, education and health have failed in the Senate in their current form. This budget is likely to be about moving thresholds and imposing restrictions on the existing system.
The “families’ package” has been described as the centrepiece of the upcoming budget with child care facing “significant changes.” If the budget measures follow the Productivity Commission’s recent recommendations, the Government will introduce a single means tested and activity based system.
Stay tuned for more detail following release of the 2015/16 Budget papers when the Treasurer commences his second reading speech at approximately 7:30pm AEST on Tuesday, 12 May 2015.