A discussion regarding the newly released Federal Budget in Australia and the implications that the government’s plans for debt reduction will have on businesses and the economy. In an attempt to reduce government debt, higher taxes will be levied both upon businesses and consumers. Australia’s 5 largest banks will also face tax levies, which is expected to substantially help alleviate government debt. While some people seem to agree with the new budget that focuses on jobs and growths, others believe that it may choke retail sales and growth potential, while also putting businesses at higher risk of robbery and theft. The article raises a good question as to how best to reduce government debt without overtaxing businesses and stifling the economy.
Key Takeaways:
- Australian Retailers Association (ARA) executive director Russell Zimmerman said the retail industry welcomed some of the budget measures.
- The ARA maintained that a levy on Australia’s five biggest banks, as well as stricter regulation, will reduce Australian debt and hopefully stimulate a return to surplus.
- Stakeholders in the FMCG sector will be among those subjected to the Skilling Australians Fund levy, which will charge businesses for employing foreign workers on certain skilled visas.
“Stakeholders in the FMCG sector will be among those subjected to the Skilling Australians Fund levy, which will charge businesses for employing foreign workers on certain skilled visas.”
Read more: http://c-store.com.au/2017/05/11/federal-budget-2017-retails-winners-losers/
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