Budget under cloud of review
Treasurer Jim Chalmers has been preparing the nation in recent weeks for a ‘bread and butter’ October budget, one that fulfils some of their election commitments, unpicks waste and meets some of the Coalition’s obligations at Labor’s choosing. In recent days, the Government has found itself re-evaluating their sums to offer much-needed relief for flood victims.
This reassessment has also been brought about following Treasurer Chalmers return from Washington and advice from key trade partners that the world is headed for a global recession. Australia relies on its trade partnerships for economic sustainability. Any impact to the global economy will have very real impacts to our employment market, export levels, and ultimately monies available to our nation.
So, what does this mean for the not-for-profit sector? It’s not all doom and gloom. The Albanese Government will meet a significant proportion of funding commitments, but we can be confident that it will not be a budget that will increase funding or look to change the current commitments.
As we look to next year’s May budget, submission of proposals and ideas should be circulated sooner rather than later. Government engagement should be as advanced as soon as possible, providing ministers with an understanding of the issues your organisation is dealing with, and the sort of funding required to fulfil your programs and initiatives.
Over recent months, we have represented many of our clients by approaching government ministers, and we have been successful in creating meaningful connections. From our experience the government wants to hear about proposals and ideas that will help solve major social issues. One of the main solutions they are looking for relates to our workforce. Creating skilled workers, creating jobs for Australia’s diverse populations, and helping growth industries are all on the government’s agenda, and they cannot solve it alone.
If you’re keen to know what the budget means for the industry, and how to prepare for the next budget round, attend our free webinar on 1 November. Register here.