The Federal Budget and how it affects the Printing Industry

May 9, 2018 / Comments Off on The Federal Budget and how it affects the Printing Industry

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The Printing Industries Association of Australia has given a strong tick of approval of Scott Morrison’s 2018 Budget delivered last night.

Andrew Macaulay, Printing Industries CEO, who was in Canberra last night to discuss first hand with relevant Ministers the impact of the 2018 Budget on our Industry, said he was delighted by certain initiatives the Turnbull Government has undertaken to businesses in our Industry.

Particularly pleasing was an extra $250 million dollars allocated to the “Skilling Australia Fund” which is consistent with the Printing Industries Association’s campaign to reform the apprenticeship system in Australia and for our Industry.

The continuation of the $20,000 instant asset write-off for business was very welcome, though Macaulay believes that this could go further. “Our members spend a considerable amount more on critical assets for their business, but our sector appreciates the continuation of this tax concession for business,” said Macaulay.

Employees within the Printing Industry will also benefit with tax cuts of $530 which will be implemented immediately. Removing exit fees on superannuation funds are also brilliant for employees. Macaulay noted “that this is a great win for employee morale – more money in employees’ pockets is always a good thing.”

At a broader level it was pleasing to know that Australia’s credit rating remains at AAA which should keep interest rate levels relatively consistent.

“The Turnbull Government’s infrastructure agenda rolls on with $24.5 billion being committed to promote domestic efficiency which will have positive economic flow on effects. While this will not directly impact the printing industry there will inherently be positive flow-on effects in this investment,” says Macaulay.

On a negative note, the budget deficit remains at $18 billion. The path to surplus is estimated to be 4 years, but this could be sooner, implores Macaulay. “Our country should always try to spend within its means. Borrowing more now means paying back more later. The Turnbull Government could learn a lot from businesses within our industry who have had to make savings and become more efficient in recent times.”

Ultimately though this budget is a good one for small business in the immediate and medium term. Printing Industries will continue the conversation with senior levels of the Federal Government to keep delivering solid outcomes for our members.