ACB News “Australia Finance Online” April 28 The Federal Government will release a new set of economic forecasts in June to help build consensus on large-scale reforms in the October 6 budget.
Australian Finance Minister Josh Frydenberg and Finance Minister Mathias Cormann announced that they will explain to the parliament on May 12 the impact of the epidemic on the economy, including financial expenditure information, and will announce the estimated impact of the epidemic on the future economy in June. The finance minister has raised the debt ceiling to 850 billion Australian dollars, and economists predict that this year ’s deficit will be as high as 120 billion Australian dollars.
In the budget announced in October this year, the Morrison government will announce a large-scale economic reform plan. Among them, tax reform, labor relations and deregulation will be the core of the reform, and the states are also required to make major policy reforms, such as replacing land stamp taxes with land taxes. The Morrison government said the scale of this economic reform is comparable to the Hawke-Keeting reform thirty years ago. Earlier this month, entrepreneurs made recommendations to the finance minister on tax reform, labor relations and deregulation. The government hopes for similar cooperation between trade unions and enterprises to completely reform taxation, labor relations and regulations, thereby increasing productivity and putting the country on a path of sustainable economic growth.
