Industry leaders’ thumbs up to Budget 2017

LEADERS of industry have had their say on the 2017 federal Budget and it’s largely a thumbs up for Treasurer Scott Morrison and the government.

• Budget 2017: Your five-minute guide

LEADERS of industry have had their say on the 2017 federal Budget and it’s largely a thumbs up for Treasurer Scott Morrisson and the government.

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison outside Parliament House today.

INNES WILLOX

This is a budget strong on skills, small business, infrastructure and defence.

With realistic projections it does provide us with a credible path to eventual surplus.

But there are tax and cost increases for many businesses and families.

While there is unfinished business, there is a welcome and more inclusive approach that invests more directly in the community as well as indirectly by promoting growth.

MICHAEL GANNON

This is in many ways the government beginning to win back the good will it lost in the 2014 budget.

We’ve seen a number of positive measures most notable in keeping with eh AMA’s calls, lifting the freeze on Medicare rebates. In an ideal world we would have seen reindexation of patients rebates from July 1, and we wouldn’t see the phased reindexation of Medicare.

But what we have seen is a minister who is prepared to listen and to engage and that’s the right environment in which we can talk about other things like public hospital funding.

GERRY HARVEY

There is a bit more substance than in budgets in the past in terms of activity in what they’re doing.

There’s nothing that I thought was terrible. I’m not a bank basher, I don’t think the banks are as bad as everyone makes them out to be.

Overall, the Australian banking system has been pretty good over a long period of time and they are being treated like they don’t behave property. NDIS, somehow or other that has to be funded, and there is no doubt we should look after people. The only way to funded is to increase taxes on people who can afford to pay taxes.

The Medicare levy was only meant to be temporary, it’s just another add-on to raise money. But again, it has to be raised.

TONY SHEPHERD

The budget is conditioned by the harsh reality of a largely populist Senate crossbench.

The underlying assumptions need closer examination. Real wage growth at three per cent per annum will be a challenge and can only be achieved through improvement in business productivity.

The increase in Medicare levy is sensible. After all, it’s an insurance scheme but the levy is a long way short of paying for the whole scheme. The bank levy needs to be explained as our banks pay $11 billion per annum in tax.

In the end, politics is the art of the achievable.

JEFF KENNETT

The Treasurer delivered a very good speech, he’s been very considerate and it seems to a very considered budget.

The devil will be in the detail. Having said that, there has obviously been a great deal of thought gone into the budget. I am impressed. There was a bit more in mental health, a major investment in infra and a commitment to try to reduce some of the waste apparent in areas like education. The one thing that’s a worry is the commitment to a budget deficit that will continue to blow out to $600m, that, to me, is frightening.

We are in a very precarious position.

JENNIFER WESTACOTT

This budget lays the foundation for better living standards and greater opportunities for Australians, but achiving its projected outcomes will rely on the economy and particularly the business community doing the heavy lifting. If business activitiy faulters, we may be left with a house of cards. The banking levy effectively represents double-taxation of some of Australia’s most successful companies which already pay $11 billion in company tax each year.