The Coalition Federal Government has been re-elected, albeit with a slim majority. The Prime Minister Mr Turnbull announced on 10 July 2016 that Opposition Leader Bill Shorten had called him to concede defeat in the 2016 Federal election. Mr Turnbull said Mr Shorten congratulated him on being re-elected as Prime Minister.
At the time of going to press, the Australian Electoral Commission had the Coalition with 77 seats in the House of Reps (although counting in the Qld seat of Herbert is extremely close), and Labor with 68. Counting of votes for the Senate continues and its makeup will be known at a later time. At this stage, predictions for the Senate suggest: Coalition – 30; Labor – 27; Greens – 9; Nick Xenophon Team – 3; and Independents – 7.
The focus now turns to the Government’s announced position on tax and related measures. Of course, the 2016 Federal Budget contains much on this, but lapsed Bills that were before Parliament when it was prorogued are also relevant in reflecting the Government’s policies.
The Prime Minister has indicated he will put before Parliament unchanged the Government’s policy positions that the Coalition took to the election, including the superannuation changes.
The list of Government tax and related policies that it will take forward to the new Parliament is large including of course superannuation changes from the Budget and a host of other measures ranging from MNE measures, SME tax cuts and many more. A comprehensive summary of the policies, and the lapsed Bills, is way too big for this post and is given in Issue 30 for 2016 of the Thomson Reuters Weekly Tax Bulletin.