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Australian Government Coat of Arms

Budget | 2015-16

Budget 2015-16
Australian Government Coat of Arms, Budget 2015-16
  1. budget.gov.au
  2. 2015‑16
  3. Mid-Year Economic and Fiscal Outlook
  4. Part 1: Overview
  5. A national plan for economic growth and jobs

Part 1: Overview (continued)

A national plan for economic growth and jobs

The Government is investing in the drivers of Australia's future prosperity and supporting job creation through its integrated national plan for economic growth and jobs. The Government is putting in place policies to create a dynamic, competitive economy that rewards effort, incentivises innovation and sets Australia up to capitalise on the abundant opportunities in the fast‑growing Asian region.

The Government's National Innovation and Science Agenda backs Australians to generate and capitalise on ideas that will grow the economy and create jobs. Encouraging innovation is a key part of the Government's strategy to build a stronger, more competitive and more dynamic economy.

Complementing this agenda, free trade agreements with China, Japan and Korea and the historic Trans‑Pacific Partnership Agreement (TPP) will open up new trade opportunities in the rapidly growing Asia Pacific region. The trade and investment guaranteed by the Government's trade deals with regional partners will support growth, job creation and income for Australia.

The Government is supporting record levels of infrastructure investment through its $50 billion infrastructure package, increasing the economy's productive capacity, creating jobs and expanding business and labour market opportunities. As part of this, the Government is partnering with the States and Territories to release capital to fund productive infrastructure through the Asset Recycling Initiative.

The Government's response to the Financial System Inquiry will further strengthen Australia's already robust financial system by ensuring it continues to meet the needs of Australians and supports sustainable growth in the economy.

The Government is also strengthening Australia's competition frameworks through its response to the Harper Review to support a more dynamic, productive and innovative economy and improve living standards. This includes working with the State and Territory governments to unlock the benefits of choice and diversity in areas such as health and aged care.

The Government has initiated a comprehensive dialogue on how to create a 'growth friendly' tax system that backs Australians who are working, saving and investing. As demonstrated by the National Innovation and Science Agenda, the Government's focus is on changes to the tax system that will help grow our economy and create jobs, while ensuring the burden of taxation is fair.

A strengthening budget position is another important pillar of a strong, resilient economy. As the 2015‑16 MYEFO shows, the Government's policies and continued fiscal control maintain an improving trajectory for the budget position despite global economic headwinds.