May 04, 2016
Mortgage Choice chief executive officer John Flavell has labelled last night's 2016-17 Federal Budget as “somewhat frightening”.
“At a time when we require a structural overhaul of our taxation system, we get the usual show bag of ‘fiddles at the fringe' to ensure no-one (other than smokers and cashed up retirees) is offended in the lead up to the election,” Mr Flavell said.
“At the end of the day, we need a structural overhaul of our taxation system to promote corporate investment on our shores.
“We need an environment that encourages Australians to invest in themselves and their future worth in the workplace.
“We need leaders who are bold enough to acknowledge that slicing up the same old pie in different ways is simply not going to cut it anymore.
“French revolutionist Bertrand Barere once stated: ‘England is a nation of shopkeepers.' Upon reviewing last night's Budget, it would appear the Coalition has the same view for Australia's economic future.
“Small businesses play a very important role in our economy and they are going to play an enormous role in the future. Whilst it is pleasing to see continued initiatives that encourage small businesses to invest and grow, it is frightening to see the enormous burden the Coalition is placing on the shoulders of these small businesses.
“That aside, last night's Budget could really be considered a clever PR stunt by the Federal Government. No doubt they would consider their benign Budget to be ‘election winning'.
“And they may well be right.
“At the heart of the Budget, everyday Australians were given no cause for concern.
“But perhaps we should be concerned. Since we fell into the red in 2009, the shortfall between what the government earns and spends has risen to an amazing 21.5% of gross domestic product. This is an inordinately large sum of money – something the Government doesn't seem to care too much about.
“Maybe they do need to care. Even though the Government has told us not to worry because they have an ‘economic plan', I am still concerned about our increasing levels of indebtedness.
“Is this economic plan/Budget what we need as a country? Not exactly.
“Is it an election winning Budget? Quite possibly.”