In the weeks leading up to yesterday’s 2014 federal budget the Australian media were filled with warnings of drastic measures and changes. So when Joe Hockey started his budget speech last night including “Our future depends on what we as a nation do today”, few expected to come out a winner. Are the changes beneficial longer term and what does the 2014 budget mean for you and your business?
We have sourced a variety of leading and analysis commentary of the 2014 budget changes and the impacts to individuals, businesses and our country.
In last night’s 2014 Australian federal budget, Treasurer Joe Hockey announced the retirement age is set to increase to 70 by 2035. Additionally a $10,000 incentive will be paid to businesses that employee workers over the age of 50. These announcements confirm the Australian workforce will continue to age. Business therefore will increasingly experience issues associated with an ageing workforce and unless they proactively take steps ensure workplace safety, minimise injuries and actively manage workers compensation claims, costs will increase.