Major aspects are:
- threshold for 37% tax rate moves from $80,000 to $87,000
- a “temporary” 2% tax hike on income over $180,000 to end in 2017
- company tax rate to reduce to 25%
- $594 million for a rail link from Brisbane to Melbourne
- $2 billion for water infrastructure
- Cigarette excise up 12.5% a year for four years
- Deficits to continue until at least 2020 with A$37b this year
If I was in Australia I’d be fairly unimpressed with another five or more years of deficits and a take hike on top income earners.
Expect to see the flow to NZ continue.