This week's political news

With thousands of businesses in distress during the coronavirus restrictions, the Federal Government has moved to reform the insolvency process to enable more small companies to stay in operation. Federal Treasurer Josh Frydenberg announced a new debt restructuring process for incorporated businesses with liabilities of less than $1 million, drawing on features of the Chapter 11 bankruptcy model in the US. The proposed model would allow eligible small businesses to restructure their existing debts while remaining in control of their business. The Treasurer said the reforms would cover around 76 per cent of businesses subject to insolvencies today, 98 per cent of whom had less than 20 employees.

Emily Minson25 September 2020LunikCOVID-19, political news, news, politics, treasury, insolvency, tax cut, corporations act, income tax, recession, retail trade

This week's political news

Prime Minister Scott Morrison announced on Thursday that the Government would introduce legislation to crack down on state and territory agreements with foreign countries that were not in the national interest. Under the reforms, the Foreign Minister would have the power to review existing and prospective arrangements between states and territories and all foreign governments.

Emily Minson28 August 2020Luniksuperannuation, COVID-19, economy, employment, trade

Hard road back to a Budget surplus

After announcing $259 billion in emergency rescue packages, the Federal Government is looking at years of budget deficits as the nation slips into and then emerges from, a looming economic recession. It won’t be an easy task to deliver the next budget surplus, as previous recoveries have shown. Governments typically spend up big to reverse or avert, an economic slowdown.

Budget papers from the Department of Finance underline the hard slog required in returning to a budget surplus after a recession.

Emily Minson14 July 2020COVID-19, finance, recession, budget

Update on Australian Government Response to COVID-19

Prime Minister Scott Morrison and Defence Minister Linda Reynolds have announced a major escalation in Australia’s investment in long-range defence strike capabilities.

Emily Minson4 July 2020defence, superannuation, COVID-19, cyber security, employment, trade, transport, australia

This week's political news

The Australian Government has announced a big shake-up of the higher education section. Moody’s reaffirms Australia’s credit rating. Australian trade slumps due to COVID-19.

Emily Minson26 June 2020COVID-19, employment, higher education, politics, trade, australia

Compulsory superannuation under pressure in economic slowdown

Only in dire situations – such as a medical emergency – could superannuation funds be withdrawn before the legal preservation age. Now, another emergency – COVID-19 – has changed the rules.

Update on Australian Government Response to COVID-19

In a further move to stimulate business investment, the Morrison Government said it would extend the $150,000 instant asset write-off for six months until 31 December this year. Australian businesses with an annual turnover of less than $500 million will be encouraged to bring forward investment to support economic growth over the near term. Assets can be new or second-hand.

Emily Minson16 June 2020COVID-19, australia

COVID Travel Bans A King Hit For Australian Tourism

According to the ABS, Australia recorded just 331,900 visitor arrivals in March – down 60 per cent on the 836,300 visitors who arrived in March 2019.

While borders remain closed, Australia is on track to record its lowest level of international visitors since 1989, when around two million inbound visits were recorded.

Emily Minson3 June 2020COVID-19, tourism industry, australia