Details from the Australian budget
2017/18 GDP 2.75%, 3.0% through 2020/21
Unemployment rate 5.75% 2017/18, 5.5% 2018/19
CPI 2.0%2017/18, 2.25% 2018/19, 2.5% 2020/21
2017/18 budget deficit A$29.4bn vs A$28.7bn in Dec
2018/18 BD 21.4bn vs 19.7bn prior
Forecasts budget surplus of 7.4bn 2020/21
Debt to GDP peaking in 2018/19 then falling to 8.5% over next decade
Gov to inject A$5.3bn in equity over 10 years into Western Sydney airport
To deliver 75bn in infrastructure funding over 10 years
Will introduce a foreign worker levy to raise 1.2bn over 4 years (A$1.2-1.8k per worker on temp visa, 3-5k for perm visa)
Will introduce a new 6bps levy on big bank's liabilities effective 1st July to secure 6.2bn in savings
Banks will face bigger fines and more stringent punishment for breaching misconduct rules
Announce 1bn housing infrastructure facility and tax breaks for 1st time buyers
Will toughen multinational tax anti-avoidance law
Introduces new tax measures to hit the black economy
Treasurer says budget is a fair and responsible path back to a balanced budget (well he/she would)
Eamonn was on the look out for any biz tax cuts (among other things) but I can't see much of that in the details on the wires. I'm far from an expert on aussie budgets but this doesn't look anything amazing in terms of investment spending to tax breaks. Mike had the expectations earlier. They just seem to be nailing foreigners in both employment and taxes. Aussie's, feel free to step in and offer an opinion.
It could be the aussie isn't liking this as it's dipping but it is also being caught up in the USD move.
