It's a Big Day for Australia, Budget Announcement Due This Afternoon 3rd May 2016

Top Quote The 2016 Australian Budget will be announced later today. Scott Morrison will make his first budget speech ahead of the potential July 2 elections. End Quote
  • (1888PressRelease) May 03, 2016 - Treasurer Scott Morrison makes his first budget announcement today and its seen as a precursor to the election most likely taking place on the 2nd July.

    The Liberal party has been under fire of late and many believe that the budget being released later today is the beginning of their campaign as PM Malcolm Turnbull is expected to dissolve parliament in just over a week ahead of the July elections.

    What has already been released on the budget has already come under attack from the Labor party saying it hands further benefits to the wealthy.

    Morrison will confirm that there will be a AUD $5bn emergency fund for critical city infrastructure, small business tax cuts and additional spending on Healthcare and education albeit significantly smaller than previous budgets.

    To fund this there will be closures of loopholes in multinational tax disclosure, a tightening of pension issues for the wealthy and what is penned to be a substantial increase in tobacco taxation.

    The current government budget looks to add jobs and grow the economy yet the main opposition are already stating it is geared to the rich before it has even been announced.

    The Australian economy grew by 3% in 2015 and has been an economy that has managed to avoid the global ups and downs for the past 25 years. Now, with the apparent slowdown in China, Australia's largest trading partner, concerns about growth are starting to rise and the local markets have been suffering as a consequence. The country now has nearly a AUD $40bn deficit.

    The ASX 200 closed flat yesterday and is expected to remain cautious until the full details and reactions of the budget have had a chance to be understood.

    ASX200 - 5,312.00 -4.00 (-0.08%)

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