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Federal Budget: 2010-11

Federal Budget: 2010-11

No frills budget a no legal affair The legal profession can celebrate little more than a boost to legal assistance programs after the Treasurer Wayne Swan tonight delivered his third Federal…

No frills budget a no legal affair

The legal profession can celebrate little more than a boost to legal assistance programs after the Treasurer Wayne Swan tonight delivered his third Federal Budget.

As widely expected, the number of budget "goodies" were limited, and the tax cuts announced extremely modest. It was a "strict fiscal strategy" the Treasurer declared, one that would return the country to surplus within three years - three years ahead of schedule.

The budget deficit hit $40.8 billion for 2010-11, a $16 billion decrease on what was expected 12 months ago.

Read the full story >> No frills budget a no legal affair

Resources tax to have seriously negative impact

The Federal Government's announcement that it will introduce a 40 per cent Resource Super Profits Tax (RSPT) to apply to non-renewable projects from 1 July 2012 has drawn criticism from industry experts.

DLA Phillips Fox energy & resources partner Robert Edel said the tax is likely to have a "serious negative impact" on the resources industry, particularly in relation to foreign direct investment in the mining sector.

Read the full story >> Resources tax to have seriously negative impact

Renewable energy and resources infrastructure get welcome boost

The Australian Government announced it will provide $652.5 million of support over four years for Australia's transition to a low pollution economy by establishing a Renewable Energy Future Fund (REFF).

The REFF will form part of the expanded $5.1 billion Clean Energy Initiative (CEI) and will be used to facilitate the development of large and small scale renewable energy projects - including wind, geothermal, solar and wave energy projects - while also supporting the take-up of industrial, commercial and residential energy efficiency through private and public sector partnerships.

Read the full story here >> Renewable energy and resources infrastructure get welcome boost

Tax budget slow but positive for funding

The Government's announcement that it will phase down Interest Withholding Tax on financial institutions has been welcomed by tax experts.

Read the full story here >> Tax budget slow but positive for funding

Legal assistance gets biggest injection in 10 years

The Rudd Government will invest an additional $154 million over four years in legal assistance programs, providing the biggest boost the sector has seen in years. However, according to the Law Council of Australia legal aid funding is still inadequate.

Read the full story here >> Legal assistance gets biggest injection in 10 years

Skills shortage tops Swan's agenda

The Federal Government last night announced an investment of more than $660 million in training, to address the looming skills shortage in a recovering economy.

Read the full story here >> Skills shortage tops Swan's agenda

LIV says funding must flow to Victoria

Budget boosts to legal aid announced last night must flow into the provision of better family and criminal law services and funding for legal practitioners, according to the Law Institute of Victoria (LIV).

Read the full story here >> LIV says funding must flow to Victoria

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