Parliament House. Wikimedia Commons/Amritpal Singh Mann - Own work, CC BY-SA 4.0.
If you want a fast overview of the federal budget within hours of its release, SmartCompany, newspapers, professional services firms and more will all publish their key takeaways and opinions.
However, if you’re building a future strategy for your small-to-medium enterprise and need to make some key decisions, it could pay to dig a little deeper into the budget overview and the various budget papers in their original form.
The budget is essentially the result of what the government thinks is likely to happen with the Australian and global economy. It contains the government’s plans for both taxes and spending for the coming years — particularly new initiatives and policies.
This means that getting a grip on the budget can help you see a bigger picture outlook on the economy beyond your own industry. Maybe you’ll spot incentives to expand into a new market, to research or develop, invest in new infrastructure or technology, or better manage your tax position. You might uncover some influences that could impact your business in unexpected ways. Could a childcare subsidy mean you have access to new talent? Could a cybersecurity grant trigger an overhaul of your entire digital approach?
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