The Albanese Government has handed down its first budget, which points to some tough times ahead, with inflation to peak at 7.75% and economic growth forecast to slow next financial year.
Socials reforms were front and centre last night as way to address the rising cost of living, with a $7.5 billion package which includes cheaper childcare and the expansion of paid parental leave. Improving the economic participation of women is a key focus for us at the ARA, and we’re pleased to see gender equality a key budget priority.
For small businesses, there’s grants to help you become more energy efficient, the instant asset write-off has been continued along with the 20% tax deduction for businesses that uptake new technology.
Overall, it’s a steady budget but the economic outlook does little to inspire confidence with the prospect of another global economic downturn. Our ARA response is here.
The phase out of single-use plastics continues to gather pace, with a range of items to be banned in NSW from November 1, including plastic straws, stirrers, plates, cutlery and unlidded bowls. State and territory environment ministers have agreed to nationally consistent definitions on the types of single-use plastics, but not to a nationally consistent timeline. That means, unfortunately, the confusion continues when it comes to different products being phased out at different times across the country.
This week’s edition of Retail Voice is packed with data and insights around Christmas – we hope you’ll find the content valuable as we head into this most important trading period.