Australia's Budget to Improve Economy

Jim Chalmers says the government must act to fix Australia's productivity problem.

In short:

The budget will change the migration points test and save businesses $10 billion a year.

Small businesses can write off assets up to $20,000 permanently.

What's next?

The budget is on Tuesday.

The budget will help businesses and improve living standards.

The government will also consider using digital IDs and crypto tokens.

Jim Chalmers says productivity must improve for higher living standards.

Australia's productivity has been low for 60 years.

The government must think of new ways to improve productivity.

The government promises to save businesses $10 billion a year.

Australia is not a top investment destination.

The migration system will be changed to attract skilled workers.

Small businesses will get a $20,000 tax deduction.

Big businesses will not have to pay a new tax.

The government has been working on the productivity package.

The migration system is flawed.

The points test for migrants is not working well.

The government will change the points test.

Martin Parkinson says the points test has been 'bastardised'.

The system favors regional work over skills.

Martin Parkinson wants to improve skills recognition for migrants.

The government will speed up the skills recognition process.

A six-month reduction is not enough to fix the system.

The government will reduce red tape for businesses.

Regulators will help reduce red tape.

Inconsistent regulations will be harmonized.

Fees for accessing standards will be scrapped.

The government wants to reform taxes to boost investment.

Complying with regulations costs businesses $160 billion a year.

Not all regulation is bad, but some can be lifted.

The instant asset write-off will be made permanent.

The government will expand the use of digital IDs.

The Productivity Commission is pleased with the package.

The package is a serious attempt to tackle productivity issues.

Danielle Wood says the challenge is implementation.

The government did not pursue changes to company tax.

The current tax system constrains investment.