The world began 2020 much as it ended in 2019. There was growing optimism in the global economy with expectations that the US and China had ‘buried the hatchet’ on trade disputes and the United Kingdom would be exiting the European Union (EU) in a less disruptive fashion. This optimism lasted until February.
Due to the government announcing massive fiscal measures in the last two weeks we would like to encourage all our regular BAS clients to please organise to deliver (preferably by email) your March BAS documents/files to us as soon as possible as you may be entitled to the Boosting Cash Flow for Employers government stimulus package.
To help you gain a better understanding of the government stimulus measures that you may be able to access, we have summarised the key developments as they stand so far.
In Australia, economic growth in the September 2019 quarter remained weak with annual growth at 1.7% in the Autumn 2020 economic outlook.
The trade war between the United States and China continued during the September 2019 quarter as the US imposed new tariffs on goods imported from China.
Slow economic growth is a global theme, with few exceptions. The Australian economy is not immune to this slowdown.
The recent Federal election will have a major influence on the economy as will government spending in the future. Read why.
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