On 11 May 2021, Treasurer Josh Frydenberg announced the second COVID Federal Budget.
Whilst last year’s budget was focussed on laying the foundations to ‘save the economy’, this budget is clearly focussed on maintaining the momentum the Australian economy has established over the past year to secure its recovery.
The budget contains virtually no new revenue raising tax measures. Instead, it includes many major spending initiatives for infrastructure, aged care, job training, and defence sectors, just to name a few.
It is clear the Government’s strategy is to raise additional revenue indirectly by increasing the level of employment and economic activity.
Our team of experts has worked through the night to share their interpretation of what the budget means for you, your family, and your business. Over the coming few days, we will continue to review and refine our interpretations of the impacts of the budget for Aussie businesses, by industry sector.
If you have any questions as to how this budget impacts you and your business, please do not hesitate to contact your local Bentleys advisor. We are here to help you navigate these testing times, and help you get where you want to be.