{"id":145615,"date":"2018-05-14T03:45:25","date_gmt":"2018-05-13T17:45:25","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/auarticles\/federal-budget-2018-mixed-reaction\/"},"modified":"2021-03-09T14:42:00","modified_gmt":"2021-03-09T03:42:00","slug":"federal-budget-2018-mixed-reaction","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/federal-budget-2018-mixed-reaction\/","title":{"rendered":"Federal Budget 2018: A Mixed Reaction"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"color: #008000;\">Federal Budget 2018: A Mixed Reaction<br \/>\n<\/span><\/h1>\n<p><strong>By Deepta Bolaky<br \/>\n<\/strong><br \/>\nTreasurer Scott Morrison handed down his third incorporating tax cuts, superannuation benefits, aged care spending and significant infrastructure spending. The highlight is its plan to hand out $140 billion in tax cuts over the next 7 years possibly making the budget a strong \u201cpre-election\u201d one. It also focused on providing immediate tax relief to the low and middle-income earners by proposing an \u201coffset at the end of the year\u201d effective from 01 July 2018.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-62100 size-medium\" title=\"tax cuts\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/05\/14-05-18-5-600x522.png\" alt=\"tax cuts\" width=\"600\" height=\"522\" \/><br \/>\nThe government plans to partly compensate for the loss in revenue from the income tax cuts by taxing illicit tobacco and putting a $10,000 cap on cash payments in an attempt to crackdown on the black economy.<br \/>\nThe Australian economy entered its 27<sup>th<\/sup> consecutive year of growth and bringing back a budget surplus within the next 2 years appears to be a realistic expectation according to the government. It is also expected that by 2028-29 net debt will decline to 3.8 per cent of GDP.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-62101 size-medium\" title=\"Australia return to surplus\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/05\/14-05-18-6-600x352.png\" alt=\"Australia return to surplus\" width=\"600\" height=\"352\" \/><br \/>\nSource: Business Insider<br \/>\n<strong>Reactions from the markets so far&#8230;<\/strong><br \/>\nWhilst most sectors saw positives out of the proposed measure and policies, it was hard to see the same reaction from the financial sector which makes up almost 30 per cent of the S&amp;P\/ASX200 (by market capitalization) after the announcement of a new (proposed) tax on bank liabilities.<br \/>\nConsumer discretionary and Consumer staples were mostly positive as tax cuts are expected to boost consumer confidence and spending, seen as favorable for underlying stocks.<br \/>\nInfrastructure and Healthcare also got a lift following the proposed spending plans and policies.<br \/>\nNo exit fees, a cap on annual fees for superannuation and an overhaul for R&amp;D refunds were understandably drivers of a sell-off in Biotech and Superannuation stocks.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-62102 size-medium\" title=\"S&amp;P\/ASX200 rising\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/05\/14-05-18-7-600x427.png\" alt=\"S&amp;P\/ASX200 rising\" width=\"600\" height=\"427\" \/><br \/>\nSource: Bloomberg<br \/>\nThe positive sustained reaction from Bond markets is expected to last as the early balance surplus is a quite a crucial factor to consider since it will give support to the country\u2019s AAA credit rating.\u00a0 The initial impact on the Australian Dollar remains mixed so far.\u00a0 However, it is worth keeping an eye to see how the Budget will unfold over the coming weeks and months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Budget 2018: A Mixed Reaction By Deepta Bolaky Treasurer Scott Morrison handed down his third incorporating tax cuts, superannuation benefits, aged care spending and significant infrastructure spending. The highlight is its plan to hand out $140 billion in tax cuts over the next 7 years possibly making the budget a strong \u201cpre-election\u201d one. It [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2805],"tags":[],"class_list":["post-145615","post","type-post","status-publish","format-standard","hentry","category-central-banks"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Federal Budget 2018: A Mixed Reaction - Wixad<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/federal-budget-2018-mixed-reaction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Budget 2018: A Mixed Reaction - Wixad\" \/>\n<meta property=\"og:description\" content=\"Federal Budget 2018: A Mixed Reaction By Deepta Bolaky Treasurer Scott Morrison handed down his third incorporating tax cuts, superannuation benefits, aged care spending and significant infrastructure spending. 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The highlight is its plan to hand out $140 billion in tax cuts over the next 7 years possibly making the budget a strong \u201cpre-election\u201d one. It ","link":"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/central-bank-interest-rates\/","type":"next","category":"central-banks"},"previous":{"id":145614,"slug":"worlds-largest-banks","title":"World's Largest Banks","date":"2018-05-07 22:00:40","excerpt":"Federal Budget 2018: A Mixed Reaction By Deepta Bolaky Treasurer Scott Morrison handed down his third incorporating tax cuts, superannuation benefits, aged care spending and significant infrastructure spending. The highlight is its plan to hand out $140 billion in tax cuts over the next 7 years possibly making the budget a strong \u201cpre-election\u201d one. 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