Swan’s mid-year budget update hits business, research
The government has made cuts to research related funding in order to stay on track to achieve a budget surplus this year. The mid year economic and fiscal outlook, or ‘MYEFO’ is usually not quite so eventful, but with economic conditions deteriorating, the government had quite a few announcements to make. Money will also be squeezed from business, with companies now required to pay their tax monthly instead of quarterly.
The baby bonus will also receive a trim, cut to $3000 instead of $5000 for the second and subsequent children in a family. The opposition says that the government is cooking the books to achieve a fake surplus, and the greens say that the government shouldn’t be using research money as a honey pot. But the government says its making responsible savings.