Budget bad for business, personal wealth and the country: SmartCompany poll
Friday, May 16, 2008/
More than 70% of SmartCompany readers say the Rudd Government’s first budget was bad for their business.
The SmartCompany poll on the federal budget, which attracted 107 responses, highlights a deep dissatisfaction with Treasurer Wayne Swan’s measures, which included a $55 billion package of tax cuts and family assistance, $41 billion for long-term projects in infrastructure, health and education and the axing of $1 billion worth of small business programs, including the $700 million Commercial Ready scheme.
More than 56% of respondents said the budget was not good for Australia, with a whopping 71% saying the budget was not good for their business (21.5% of respondents said their business would not be affected by the budget).
Even the Government’s tax cuts didn’t improve the mood of those surveyed; just under 70% of respondents said the federal budget was not good for their personal wealth.
The establishment of the $20 billion Building Australia infrastructure fund has also met with a lukewarm response. While 35.5% of respondents said the federal budget would help solve Australia’s infrastructure problems, 46.7% disagreed. Just under 18% of respondents said the infrastructure package in the budget would have no effect.
The survey also reveals the impact of the slowing economy on SmartCompany readers. Just under 45% of respondents said the decline in consumer spending was hurting their business, while 57% of those surveyed said the decline in business spending was having a negative impact.