The federal opposition has claimed that Labor’s tax reform plans have descended into “chaos” after a working group failed to come up with a way to lower the company tax rate.
Small businesses are bracing themselves for a hit following the release of Treasurer Wayne Swan’s Mid-Year Economic and Fiscal Outlook, which has downgraded the 2012-13 projected surplus to $1.1 billion.
The Federal Government’s mid-year budget update is set to contain around $3 billion in spending cuts as Labor strives to achieve its forecast $1.5 billion budget surplus next year.
Federal Treasurer Wayne Swan has warned that further savings are needed if the government is to achieve its projected $1.5 billion surplus, amid challenges such as changing consumer behaviour and the high Australian dollar.
Treasurer Wayne Swan has warned that Australia cannot escape all of the effects of the global economic slowdown, after new data showed a rise in unemployment.
Australia has overtaken Spain to become the 12th largest economy in the world, a result that Federal Treasurer Wayne Swan has hailed as a “remarkable achievement” given the country’s population size.
A “hefty fall” in company tax collections has contributed to the Federal Government’s $43.7 billion deficit for the 2011-12 financial year, according to Treasurer Wayne Swan.
Treasurer Wayne Swan has said that it is “absurd” to suggest that Australia’s economy has stopped growing, despite growing speculation that an interest rate cut is needed to boost growth.
THE NEWS WRAP: Business Council of Australia chief calls for major reforms and cuts to public service9:16PM | Thursday, 20 September
The head of the Business Council of Australia has called for government bureaucracy to be radically reformed, claiming that Australian firms are unable to plan for the long term because they are “second guessed” by public servants.
The chief executive of the Federal Government's Commercialisation Australia scheme has confirmed no new grants are being written, as the government engages in a widespread halt on grants in a range of sectors.
There are fears that the Federal Government is to axe grants used to support Australian start-up innovation as the Treasury searches for billions of dollars in budgetary savings.
Federal Government funding for innovative start-ups could be under threat after Treasurer Wayne Swan announced a freeze on $2 billion worth of grants.
Two entrepreneurs have launched a series of Sydney small business workshops amid concerns over cut-backs in SME event programs by both the NSW and Queensland state governments.
Business leaders should stop talking down the Australian economy or risk damaging confidence, the boss of NAB has warned.
Federal Treasurer Wayne Swan has attributed new figures showing an increase in average household wealth to Labor’s response to the global financial crisis, although consumer spending remains very conservative.
Economists have played down the prospect of a further interest rate cut, despite new data showing that inflation has slipped to its lowest point since 1999.
Business leaders have hit out at proposals by Prime Minister Julia Gillard that would lower the company tax rate by increasing levies elsewhere on businesses.
Gross domestic product grew by a surprising 1.3% in the March quarter, according to the latest figures from the Australian Bureau of Statistics, but not all sectors are contributing to the growth.
Federal Treasurer Wayne Swan has claimed that yesterday’s strong GDP figures would put the “doomsayers” of Australia’s economy “back in their box.”
Industry groups have slammed the decision by Fair Work Australia to increase the national minimum wage by $17.10 a week, warning it will impose a major burden on small businesses.