Australian Federal Budget
The Australian Government published its 2018/19 budget. Other than shifting money around a bit, minute income tax changes, and a focus on squeezing more money from everyone through stronger compliance measures, the budget doesn’t promise any constructive, structural changes. Record high public expenditure and business-hostile regulations remain in place. Consequently, we don’t expect any significant boost to the economy. Also, in its projections, the budget assumes that nothing of substance will change in the global economy over the next 7 years. Somewhat foolish, we think.