Treasurer Joe Hockey has recognised the vital importance of small business to the Australian economy, with an incredibly generous tax break delivered as part of his “have a go” second budget for 2015-16. As much a political exercise as fiscal policy-making, the 2015-16 federal budget marks a dramatic change of tone and substance from last year’s effort which polarised the community and saw business and consumer confidence plummet. Instead, this
Shaking off the angst from a series of controversial decisions it made in its first few months in office, the Daniel Andrews Labor government has delivered what commentators are calling an economically responsible and relatively low-key first budget that prioritises job-creation, infrastructure and spending on basic public services such as Education, Health and Family. Small Business is also a beneficiary, although tax relief was not as significant as hoped for.