The Budget delivers the Government's fifth surplus in a row, sending a strong message about Australia's fiscal and budgetary responsibility. The Budget contains a range of exciting measures designed to lift Australia's capabilities in science and innovation to enhance our long term economic performance.
Business is set to win through a range of measures designed to improve competitiveness investment.
State Stamp duties on listed share and other quoted securities will be abolished. Registered business will be able to claim full input tax credits for motor vehicles. Simplified tax system will commence and allow eligible small businesses to do their tax accounting a cash basis with simpler depreciation and trading stock rules. The Budget predicts business investment will grow by around 5 per cent, possibly reaching 9 per cent by the end of the June quarter of 2002. 5500 targeted university places over four years.