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Australia Preparing For 2015 Budget

by Mary Swire, Tax-News.com, Hong Kong

22 December 2014


The Australian Government has launched consultations for its 2015-16 Budget, just days after the Treasurer announced that he would not attempt to replace falling revenues through new or higher taxes.

Treasurer Joe Hockey said: "The 2015-16 Budget will continue the Government's commitment to repair the budget, to ensure the Commonwealth lives within its means, pays down its debt, and maintains a credible path to surplus. The Government is also committed to productivity-enhancing investment and reform to build a stronger and more prosperous economy."

Hockey recently published the 2014-15 Mid-Year Economic and Fiscal Outlook (MYEFO), which shows that although economic growth has increased over the last 12 months, a considerable drop in tax revenues is expected. Tax receipts are expected to fall by AUD6.2bn (USD5.1bn) this year and by AUD32bn over the next four years.

Hockey said, at that time, that introducing new taxes, or hiking existing taxes to meet this shortfall would "unquestionably harm the Australian economy."

The deadline for pre-Budget submissions is February 6, 2015. This will allow the views of individuals, businesses, and community groups to feed into the Budget process at an early stage.

TAGS: individuals | tax | investment | business | budget | Australia | Tax

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