Budget 2017 and financial services: an opening for the minnows and a warning for the sharks
Last week we talked about the Government’s new rules for temporary working visas. On 9 May, the release of Federal Budget 2017, the Government filled in some key details of this initiative – including the hefty new levy of $1200 to $1800 (depending on the size of the business) for each temporary visa sponsored. This money will go into a ‘Skilling Australians’ fund which a state or territory government will be able to draw on in training new apprentices. Today we want to clarify a host of changes that have been announced for the financial services sector. In Budget 2017, the Government signalled reform of the financial services sector, especially increased competition, as a key lever for strengthening the Australian economy. Below we highlight four key changes that should make…