October 5, 2020

Before the budget: Mark Bouris’ Predictions

Mark Bouris has called for the Australian government to direct their attention towards the SME community in tonight’s budget announcement. 

One of the key expectations in the upcoming budget announcement will be the future of JobKeeper payments. According to Mr Bouris, JobKeeper has done its job, but it isn’t sustainable, and the government will have to start focusing on specific industries more in need than others.

“There has to be a number of incentives right across the board in terms of cash payments. I’ve seen discussion about introducing a billion dollars into the manufacturing industry so I think the Government is going to start to pick industries or pick market segments to bolster those environments, but when JobKeeper is rolled back, there is going to be a major problem.” 

Mr Bouris believes that initiative is needed in these times, offering one policy he would like to see, which he hasn’t put to the treasurer, which relates to “carry-back losses”.

“I’d like to see carry-back losses … we can carry-forward our losses, we should be able to carry back our losses,” he said.

“I’m only suggesting a year, carry back our losses a year”.

“So that’s one example of where somebody who did well in (20)19, without COVID, has done badly in 20 with COVID, through no fault of their own … then maybe we, the Australian people, through the tax system, can give them something back that they paid into the tax system, into consolidated revenue in 2019,” he said.

“I think that’s a fair thing. If you pay tax in 2019 and you make a loss in 2020, maybe you should get a part refund or a full refund of what you paid in 2019.” 

Mr Bouris said his suggestion is “not asking the government to put their hands in the till and make a grant to anyone in particular”.

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