2015/16 Budget wrap up

In the past 12 months since the 2014/15 Federal Budget was announced the Australian public has become well acquainted with the power of the Senate. Since the announcement of the 2015/16 Federal Budget there has been much rhetoric noting its relative softness and significant speculation as to why the Commonwealth did an apparent 180^o turn around.

The 2014/15 fiscal year saw bold measures such as the infamous GP co-payments and higher education deregulations cause an outpouring of criticism with both ultimately failing to pass through the Senate in their original forms.

While come may consider the budget dull, time will tell what economic gains it produces and if this approach will prove more successful for the government.

While this Budget steered clear from sweeping reform, some clear winners have been identified in CommSec’s annual Economic Insights: Australian Budget 2015/16 report:

Business

The introduction of the ‘Jobs and Small Business Package’ will pump $5.5 billion into growing Australian business; which has been heralded as the biggest small business package ever in Australia.

Small business has come out as a major winner as well with: small incorporated businesses receiving a 1.5 percentage point cut in their company tax rate and small unincorporated business receiving a 5 per cent tax discount. Small business will also get a deduction on every asset costing less than $20,000 purchased between 12 May 2015 and 30 June 2017. 

Families 

A suite of initiatives to provide parents with flexibility and choice regarding their work were announced including; $3.5 billion in funding to enable accessible, simple and affordable child care.

The budget included an additional $869 million for Child Care Safety Net to assist vulnerable and disadvantaged children and $843 million to be invested in preschool programs.

Farmers

Farmers have benefited from the budget as well, with over $250 million announced for a drought concessional loan scheme and an additional $35 million for projects in drought hit areas. 

The implication of the Federal Budget on the ever evolving aged care sector was talked over at Akolade’s The Future of Home & Community Care conference last week. The Australian Ageing Agenda has outlined the key changes to age care programs and policy. 

• $33.7 million over four years to create a Carers Gateway. The platform will be similar to the My Aged Care website, assisting carers navigate the complex aged care system 
• The introduction of private accreditation across residential and community aged care, will mean providers will need to pay for their accreditation process. With the fee to be introduced 1 July 2016, the government has estimated the cost to providers to be $30.7 million over four years.
• The Restorative Care Program, the renamed Transition Care Program, has also been expanded providing more assistance for people stay in their homes longer. 

Stay tuned for a full wrap up of The Future of Home & Community Care conference in the coming weeks!

Having unfulfilled her childhood dream of becoming an international spy, Ellise is loving her position as Conference Production Manager at Akolade. Her favourite thing about the role is that it allows her to stay abreast of the latest news across a variety of industries while constantly learning from experts in their field.