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Federal Treasurer
Wayne Swan delivered his third
Budget this week promising to
return the fiscal balance to a
surplus within three years. The
package was almost as 'boring'
and 'tradesman-like' as the Government
foreshadowed although it did include
a number of new tax, superannuation
and social security changes. Among
the key measures are a 50% discount
on up to $1,000 of interest income,
standard deductions for personal
income tax returns and caps on
child care rebates. 
The Henry Review into Australia's
tax system, along with the Government's
initial response, were released
on 2 May 2010. The Final Report
contains 138 recommendations which
are designed to make the current
tax arrangements fairer and simpler.
The centrepiece of the reforms
is the introduction of a Resource
Super Profits Tax which will be
used to boost superannuation savings,
cut the company tax rate and pay
for infrastructure projects. 
According to the latest weightings
in the FTSE All-World Review,
the Australian equities market
is the now the fifth largest in
the world by market capitalisation.
Australia has crept above other
G7 countries like Italy, Canada
and Germany recently, thanks to
the recovery in global mining
stocks and the strong Australian
dollar. The United States retains
its No.1 position with a 40.7%
share of the world market, followed
by the United Kingdom, Japan and
France.
Better than expected earnings
and generally upbeat outlook statements
have provided the local stock
market with some welcome support
during August. While few companies
are forecasting a quick rebound
in profits, there is growing optimism
that the worst of the economic
downturn is behind us. Our sample
of 148 profit results shows that
Our May survey shows that analysts
are forecasting profits to slide
by around 7.2% and only rebound
modestly in 2009-10. If the consensus
is correct, this would make it
the worst year for corporate profts
in more than a decade. 
Better than expected earnings
and generally upbeat outlook statements
have provided the local stock
market with some welcome support
during August. While few companies
are forecasting a quick rebound
in profits, there is growing optimism
that the worst of the economic
downturn is behind us. Our sample
of 148 profit results shows that
Our May survey shows that analysts
are forecasting profits to slide
by around 7.2% and only rebound
modestly in 2009-10. If the consensus
is correct, this would make it
the worst year for corporate profts
in more than a decade. 
As we head into the last few weeks
of the financial year, brokers
are continuing to downgrade their
2008-09 earnings estimates. Our
May survey shows that analysts
are forecasting profits to slide
by around 7.2% and only rebound
modestly in 2009-10. If the consensus
is correct, this would make it
the worst year for corporate profts
in more than a decade. 
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Copyright © 2010 Wren Research Pty Ltd
Australian Financial Services Licence 247124
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Home | Site Map | Contact Us | Help | Policies Copyright © 2010 Wren Research Pty Ltd Australian Financial Services Licence 247124 |
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