2017 Australian Government Budget Summary
10th May 17
Each year the Australian Dental Industry Association (ADIA) provides an overview of the Australian Government budget, a document that has a profound influence on the commercial technical and regulatory environment in which dental products are sold.
2017 ADIA Online Budget Summary
The Treasurer, the Hon. Scott Morrison MP (pictured right), has presented a budget that shows the difficulty the Government faces in getting spending under control. Although the forecasts show that the Australian Government expects to achieve a surplus by 2020/21, this improvement to the bottom line comes from more taxes rather than less spending.
The following is a summary of the key outcomes in the budget that are of interest to the businesses that manufacture and supply dental products, plus their employees.
Fiscal strategy and outlook —
The 2017-18 Budget continues the Government’s economic plan to boost growth to support more and better paying jobs and create more opportunities for small businesses. The Government is also taking action to tackle cost pressures facing households and businesses and to guarantee the provision of key government services that Australians rely on. [Read More]
The economic environment —
Australia is in its twenty-sixth consecutive year of economic growth. In 2017-18, growth is expected to rebound to 2.75% per cent after slowing in 2016-17 as a result of weather-related factors in early 2016-17 and more recently Tropical Cyclone Debbie. [Read More]
$20,000 Instant asset write-off —
The Government will extend the 2015-16 Budget measure Growing Jobs and Small Business — expanding accelerated depreciation for small businesses by 12 months to 30 June 2018 for businesses with aggregated annual turnover less than $10 million. This measure is estimated to have a cost to revenue of $650 million over the forward estimates period. [Read More]
Income taxation —
The 2017 Australian Government Budget makes a number of changes to personal taxation that, on balance, increase the overall burden for most middle and upper income earners. [Read More]
Dental care spending —
Via a National Partnership Agreement (NPA) the budget papers show an allocation of $107.8 Mil over 2017-18 and that again in 2018-19 for state and territory governments to provide dental services. The Government will also provide $163.6 million over five years from 1 January 2017 to increase the two year cap on benefits available for eligible families under the Child Dental Benefits Schedule (CDBS) from $700 to $1,000, and to maintain prices for items on the CDBS for a further two years to 31 December 2020. [Read More]
Healthcare spending —
The Government's approach to this area is to fund the long-term national health plan that is based on the four pillars of guaranteeing Medicare and the Pharmaceutical Benefits Scheme; supporting hospitals; prioritising mental and preventive health; and investment in medical research. [Read More]
Industry training spending —
The Government has recognised the need for the nation to make a greater investment to support the increased take-up and completion of apprenticeships so as to avoid a long-term skills shortage into the future. [Read More]
Exports and innovation spending —
The Government will provide $101.5 million over five years from 2016‑17 to establish an Advanced Manufacturing Fund (the Fund) to promote research and capital development for high technology manufacturing businesses. [Read More]
In presenting the budget to the parliament, the Treasurer said that the objective of the budget was to grow our economy to create more and better paid jobs and to fund the essential services that that Australians rely on. At a broader level, the Australian Government's objective in the budget is to reduce cost of living pressures and to ensure that the government lives within its means.
Register Today —
2017 ADIA Australian Government Budget Briefing
Join stakeholders from across Australia's dental community at the 2017 ADIA Australian Government Budget Briefing in Sydney on 24 May 2017. It will be presented by Bill Evans, Chief Economist at Westpac. [Read More]
On budget night senior ADIA staff met with parliamentarians and senior departmental staff to gain an appreciation of how the budget will impact the dental industry, with these meetings continuing in Canberra over the course of the following few days.
Member Engagement —
ADIA provides leadership, strategy, advocacy and support. Our members set our agenda, fund our activities and directly benefit from the results. With respect to the Association's work to ensure that the initiatives within the 2017 Australian Government budget support the dental industry, the team in the ADIA national office receive advice and guidance from members serving on the ADIA-BAC Business Affairs Committee.
Further Information —
To keep up to date with how ADIA is working to ensure that the Australian Government budget supports the dental industry, subscribe to the Twitter feed @AusDental or follow us on Facebook at www.facebook.com/dental.industry. Alternatively, you can contact the Association via email at email@example.com or by telephone on 1300 943 094.
This information is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the ADIA logo, other images and where otherwise stated.
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