Hey Joe, (again - I seem to be following you a bit on the various forums haha)
I just realised that I have seen you on various forums (I think it was Economics and Modern).
Also, thank you so much for your advice, I will be sure to ask my teacher if he wants us to approach the question the way you did or in a different way. (I think my teacher wants me to approach the question looking at recent policies, not sure tho). At the moment, I'm thinking of looking at 3 fiscal reforms and 2 monetary reforms. By any chance could you please have a read of what I have done so far:
REFORM #1: BACKING BUSINESSES TO INVEST & CREATE MORE JOBSOne of the major reforms that were brought about by the 2018-19 Australian Budget was the government’s decision to support businesses to invest and develop more jobs for Australians. The Government’s decision to “extend the $20,000 instant asset write-off by a further 12 months to the 30th of June 2019” (Budget.gov, 2018), ultimately provides small businesses with the opportunity to reduce costs of capital investment and overall provide incentives for them to innovate and grow. CPA Australia has argued for the ”write-off to be made a permanent feature of the tax system because it encourages business to invest and create jobs” (In The Black, 2018). Furthermore, the government’s commitment to “increase the unincorporated small business tax discount rate from 5% to 8%” (Budget.gov, 2018) further reveals the government’s aim to reduce the tax burden on businesses in order to promote investment, growth and stimulate more jobs for Australians. Consequently, the flourishing small business sector will see a decrease in unemployment as a result of a dramatic increase in job creation, and will ultimately assist in promoting economic growth by stimulating aggregate demand.
REFORM #2: GUARANTEEING THE ESSENTIAL SERVICES THAT AUSTRALIANS RELY ONMoreover, with the 2018-19 budget, the government also introduced their decision to “guarantee the essential services that Australians rely on” (Budget.gov, 2018). This ultimately means Australians will be assured access to high‑quality hospitals and schools, a strong Medicare system and vital services for those with a permanent and significant disability. As a result, this will promote economic development through the increase in investment, which will ultimately trigger economic growth. The government is also “providing additional choice for older Australians to live healthier, more independent and safer lives” (Budget.gov, 2018), so they can take advantage of the opportunities that a longer life brings. Moreover, the Government’s record investment in schools will provide teachers with the means to improve the performance of our students and prepare them for the jobs of the future and thus, stimulating economic development.
REFORM #3: PROVIDING TAX RELIEF TO ENCOURAGE & REWARD WORKING AUSTRALIANSAdditionally, the government also stated their decision to provide tax relief to encourage and reward working Australians. It is through our prospering economy, the Government can fund this plan and ultimately deliver a stronger Budget to ensure Australia continues to live within its means. The government’s Personal Income Tax Plan will make personal income tax lower, fairer and simpler. The plan begins with permanent tax relief to middle and lower income earners, to encourage and reward working Australians and to assist with the cost of living pressures. The immediate benefit for low and middle-income earners will be up to “$530 a year and up to $1,060” (Business Victoria, 2018) for a working couple, starting in 2018-19. By lifting the “32.5% tax bracket to $90,000 from 1 July 2018, around 200,000 taxpayers will be prevented from moving into the 37% tax bracket” (The Sydney Morning Herald, 2018).