We are only days away from arguably one of the most critical Federal elections for the business community. Australians are looking for this election outcome to achieve business confidence to encourage investment and enable growth. Here's a brief summary of the big ticket platform policies underpinning the campaign for Australian leadership.
Coalition Policies at a Glance
- Abolition of the Carbon Tax and reduce the cost of living
- $6.7 billion to fix up Queensland's Bruce Highway and $1 billion to upgrade Brisbane's Gateway Motorway
- Retain and improving Fair Work Laws ensuring an enforceable safety net for workers while helping business to grow, create new jobs and deliver higher real wage growth
- Paid Parental Leave Scheme
- Abolition of the Mining Tax
- Cutting Company Tax Rate by 1.5%
- Rejecting Labor's Fringe Benefits Tax (FBT) changes on motor vehicles
- A range of red tap and compliance cost reductions for Small Business with the Small Business Portfolio represented by a minister in Cabinet within Department of Treasury so it's front and centre
- To save over $5 billion, they will discontinue the Jobs and Competitiveness program, Steel Transformation Plan, Clean Technology Program, Coal sector jobs package, clean energy future business and the climate change authority.
Labor Policies at a Glance
- Reduce BAS lodgments from quarterly to annually for SME business with turnover <$20 million from 1 July 2014
- Invest $500 million in Australian Innovation Partnerships via the Plan for Australian Jobs package to expand exports, kick start innovation and create high-skilled jobs for Australians
- Build a Brisbane cross river rail
- Establish a Medical Research Innovation Fund (MRIF) as capital for early stage development of innovative biotechnology ventures
- Extend the small business Superannuation Clearing House for business with less than 100 employees (currently only for those with less than 20) to save time on paying employees' SGC
- Commit a further $500 million out to 2020 to support Australia's automotive manufacturing industry with the New Car Plan 2020.
Please contact your Hanrick Curran Adviser on 07 3218 3900 to discuss the impact of these policies on your business decisions.