The Hon Scott Morrison MP Treasurer
1 2 An innovation and A defence plan for local science programme for hi-tech manufacturing and start-up businesses technology 4 3 National Export trade Tax cuts and Plan for deals to incentives for generate new small business Jobs and business and hard opportunities working Growth families 5 6 A sustainable budget Guaranteed funding for with crackdowns on tax Health , Education avoidance and loopholes and Roads 2
Almost 300,000 jobs were created in 2015 Source: 2016-17 Budget: Budget Overview. 3
Australia is growing faster than other advanced economies Source: 2016-17 Budget: Budget Overview. 4
Budget aggregates and major economic parameters Source: 2016-17 Budget: Budget Overview. 5
Getting expenditure under control Source: 2016-17 Budget: Budget Overview. 6
Deficits are diminishing Source: 2016-17 Budget: Ensuring the government lives within its means. 7
The budget is projected to return to balance by 2020-21 Source: 2016-17 Budget: Budget Overview. 8
1 2 An innovation and A defence plan for local science programme for hi-tech manufacturing and start-up businesses technology 4 3 National Export trade Tax cuts and Plan for deals to incentives for generate new small business Jobs and business and hard opportunities working Growth families 5 6 A sustainable budget Guaranteed funding for with crackdowns on tax Health , Education avoidance and loopholes and Roads 9
The National Innovation & Science Agenda Culture and capital Government as an Collaboration Talent and skills exemplar Incubator Support Programme Innovation Connections Increasing access to company losses ARC Linkage Projects scheme Insolvency laws reform to promote Inspiring STEM literacy Data sharing for innovation Cyber Security Growth Centre business continuity Building and maintaining Global Innovation Strategy Intangible asset depreciation Embracing the digital age Australia’s data science research capability through Data61 Maintaining world class research Changes to Venture Capital Limited infrastructure Partnerships Supporting innovation through Digital Marketplace visas New research funding Tax incentives for investors Business Research and Innovation arrangements for universities Initiative Reforms to Employee Share Expanding Opportunities for Measuring impact and engagement Schemes women in STEM Innovation and Science Australia of university research Access to crowd-sourced equity Advancing quantum computing funding technology CSIRO Innovation Fund Biomedical Translation Fund $1.1 billion over 4 years Source: National Innovation & Science Agenda 10
1 2 An innovation and A defence plan for local science programme for hi-tech manufacturing and start-up businesses technology 4 3 National Export trade Tax cuts and Plan for deals to incentives for generate new small business Jobs and business and hard opportunities working Growth families 5 6 A sustainable budget Guaranteed funding for with crackdowns on tax Health , Education avoidance and loopholes and Roads 11
Preventing the shipbuilding workforce ‘valley of death’ Source: 2016-17 Budget: Budget Overview. 12
1 2 An innovation and A defence plan for local science programme for hi-tech manufacturing and start-up businesses technology 4 3 National Export trade Tax cuts and Plan for deals to incentives for generate new small business Jobs and business and hard opportunities working Growth families 5 6 A sustainable budget Guaranteed funding for with crackdowns on tax Health , Education avoidance and loopholes and Roads 13
Four of Australia’s five largest export markets are currently covered by export trade agreements Source: 2016-17 Budget: Budget Overview. 14
1 2 An innovation and A defence plan for local science programme for hi-tech manufacturing and start-up businesses technology 4 3 National Export trade Tax cuts and Plan for deals to incentives for generate new small business Jobs and business and hard opportunities working Growth families 5 6 A sustainable budget Guaranteed funding for with crackdowns on tax Health , Education avoidance and loopholes and Roads 15
We are helping over 3 million small businesses to invest and grow Source: 2016-17 Budget: Sticking to our national economic plan for jobs and growth. 16
The company tax rate for all companies will decrease to 25 per cent over the next ten years Source: 2016-17 Budget: Making our tax system more sustainable. 17
Australia’s corporate tax rate will be more competitive Tax rate % Tax rate % 45 45 40 40 35 35 30 30 OECD average tax rate (25%) 25 25 20 20 15 15 10 10 5 5 0 0 Ireland Slovenia Czech Republic Hungary Poland Estonia Finland Iceland Turkey United Kingdom Switzerland Slovak Republic Sweden Chile Denmark Korea Australia 26-27 Austria Netherlands Greece Canada Israel Norway Italy New Zealand Spain Luxembourg Portugal Australia 15-16 Mexico Germany Japan Belgium France United States Source: Organisation for Economic Co-operation and Development (OECD) 2015, Tax Database - Table II.1 Corporate Income 18 Tax Rate, OECD, Paris.
1 2 An innovation and A defence plan for local science programme for hi-tech manufacturing and start-up businesses technology 4 3 National Export trade Tax cuts and Plan for deals to incentives for generate new small business Jobs and business and hard opportunities working Growth families 5 6 A sustainable budget Guaranteed funding for with crackdowns on tax Health , Education avoidance and loopholes and Roads 19
Targeting tax avoidance nets $3.9bn Source: 2016-17 Budget: Making our tax system more sustainable. 20
Fit for purpose superannuation Source: 2016-17 Budget: Making our tax system more sustainable. 21
1 2 An innovation and A defence plan for local science programme for hi-tech manufacturing and start-up businesses technology 4 3 National Export trade Tax cuts and Plan for deals to incentives for generate new small business Jobs and business and hard opportunities working Growth families 5 6 A sustainable budget Guaranteed funding for with crackdowns on tax Health , Education avoidance and loopholes and Roads 22
Commonwealth public hospital and schools funding Source: 2016-17 Budget: Making our tax system more sustainable. 23
Youth Jobs PaTH (Prepare-Trial-Hire) 120,000 new placements Source: 2016-17 Budget: Budget Overview. 24
Source: 2016-17 Budget: Sticking to our national economic plan for jobs and growth. 25
1 2 An innovation and A defence plan for local science programme for hi-tech manufacturing and start-up businesses technology 4 3 National Export trade Tax cuts and Plan for deals to incentives for generate new small business Jobs and business and hard opportunities working Growth families 5 6 A sustainable budget Guaranteed funding for with crackdowns on tax Health , Education avoidance and loopholes and Roads 26
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