The Australian Budget

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.

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