Nicki Hutley, Chief Economist, Urbis
“This budget is a case of fiscal groundhog day. We are seeing the Government move the pieces on the chess board but not actually make significant inroads into the budget deficit.”
“There’s nothing in here that inspires a vision that is going to fundamentally change the Australian economy for the better.” ABC News
“There’s very little here to get excited about. The economic predictions are ridiculously optimistic. We live in an uncertain world and you have to build on conservative forecasts. …as Australians we have to ask, what is it we want from policy and then how are we going to pay for it, because we can’t have increased expenditure and reduced taxes.” World Today, ABC Radio
Andrea Staines, Non Executive Director, QIC, Transport for NSW, SeaLink
“The government’s plan to encourage asset recycling is on the right track with its focus on proper cost benefit analysis for new projects. It was also terrific to see the scope of the program expanded from roads to also include public transport.” Sydney Morning Herald
Professor Miranda Stewart, Director, Tax and Transfer Policy Institute, Australian National University
On the income tax cut for earners over $80,000: “It’s basically a tax cut that benefits the top 20% of female taxpayers and top 35% of male taxpayers by taxable income.”
“If the government was serious about addressing real tax disincentives to work it would have looked at the high effective marginal tax rates facing many women.” News.com.au
Su-Lin Ong, Head of Australian Economics, RBC Capital
“An improvement in the budget trajectory remains the central forecast but the underlying budget remains firmly in the red.” Sydney Morning Herald
Romilly Madew, CEO, Green Building Council of Australia
“We are pleased to see a renewed national focus on Australian cities, with more than $3.4 billion allocated to urban rail projects. Only then will Australian taxpayers know they’ve invested in infrastructure that is resilient and that delivers the best value for decades to come.”
“It is disappointing that the budget announces no new funding to assist Australia to reach its international commitments for emissions reductions and to transition to a low-carbon economy.”
“The built environment represents significant opportunities for emissions reductions at relatively low cost, but there are no new incentives or support for the property and construction industry, or any other industry for that matter, to make the most of these opportunities.”
“…investment in urban forests is important, but we’d like to see the development of a national green infrastructure policy that goes further than being just about trees, and include boosting biodiversity, enhancing the public domain and building more resilient cities.” The Fifth Estate
Pauline Vamos, CEO, Association of Superannuation Funds of Australia
“We do not support the reduction of annual concessional caps to $25,000.”
“While today less than two per cent of people with superannuation make contributions above $25,000, a significant number of such individuals that have low balances are attempting to catch up. For instance, around 36,000 women with balances less than $200,000 in 2013/14, were making contributions in excess of $25,000.” SMSF Adviser
Belinda Robinson, CEO, Universities Australia
On cuts to the Higher Education Participation and Partnerships Programme (HEPPP): “Cutting such a program means we could be denying talented students a chance at higher education just because of their background. That is not only unfair but it robs Australia of future highly skilled graduates and innovators.”
“To build the highly skilled contemporary workforce of the future Australia needs all Australians – regardless of their background – to have the opportunity to gain the skills required by employers.”
“Improving equity in higher education is not only fair, but an essential platform for building the diverse, skilled workforce of the future.” Guardian Australia
Catherine Robson, CEO, Affinity Private
“There were some welcome incentives, such as the Low Income Superannuation Tax Offset (replacing Labor’s Low Income Super Contribution) and the ability to effectively average concessional contributions over five years, which will assist the self-employed with lumpy incomes and those in the early stages of their career.
However, the reality is that those who have periods out of the paid workforce, or work in low-paid or not-for-profit industries, will continue to find accumulating retirement savings challenging. These people are at a much higher risk of ending their working lives without the security and dignity of independence.” Canberra Times
Dana Fleming, Tax Partner, KPMG
“We strongly support the Government’s measures to allow those with broken work records, often women, to make top-up payments. This is a very fair and important move which will go some way to ensuring those individuals have a decent retirement package.”
“Retaining the Low Income Super Contribution for low earners and allowing tax deductions for all contributions into superannuation are also welcome.” ABC Radio
“Paring back some current concessions – bringing down the 30 per cent tax threshold from $300,000 to $250,000 seems to strike a reasonable balance between equity and incentives for people to fund their own retirement.” Sydney Morning Herald