2022 budget - did it do anything?

I'm confused - were there any meaningful reforms or proposals in the budget?

Some great stuff - big winners, flat tax between $45k-$180k, no change to the effective date just confirming the 2019 legislation.

Energy costs will soar - no measure to control the impact.

Green initiatives - crickets

Infrastructure - rollback spending (except for a few new ones many years off, maybe for the next election cycle).

Unemployment initiatives - expect 100-200k jobs to vapourise.

Enhanced parental leave/childcare benefits eligibility

Pay rises and greater staffing requirements in nursing homes

Lots of free courses at TAFE and some targeted programs for getting disadvantaged into Unis.

Or did I miss the really good news?

 

See if you can find anything in this then come back and tell all.

https://budget.gov.au/2022-23-october/content/bp2/download/bp2_02_receipt_payment.pdf

 

Lots of $ committed to engaging with First Nations People on climate change, support of foreign nations $nfp and many others.

Just glad that I'm not an economics journo locked in the budget room.

 

Did we just have a budget?

 

Lots of zombie legislation (some from 2013) have been given the boot.

And the Australia-Iceland Tax Treaty is a doozy.

 

Tax Wise it may help some people ,the rest is a waste of time on trivialities as Labor is still still struggling out of the waters into the air..

 

We can't dump that treaty, Katrin Jakobsdóttir will be distraught.

 

I thought it was a responsible stabilising budget, to set the platform for a new government to move forward into a new time.

Dollars towards establishing the green hub in Newcastle and incentive funding for homeowner transition - funding of health clinics - increase in minimum wage and increase in pension for the first time in decades (those on the lowest income will spend every dollar and hence more sloshing around in the economy) - increase in childcare and maternity leave (a major stumbling block for women getting back into work) - cuts to Barnaby blackmail projects - realistic expectations regarding inflation and unemployment etc

What were people expecting? Something dramatic and panicky in an uncertain time?

This is an okay summary ... Federal Budget 2022: All of the key points and forecasts at a glance

 

I am quite concerned that many of the major parties around the western ( labour, green, Lib, Nats ) world have members that are promoting the magic money theory or idea, which has no resemblance to any economic fundamentals. It makes no sense which is why I am suspecting and have suspected for a while that some thing is not right.
To put your country into so much debt to the extent that your national sovereignty is in jeopardy is not a sound economic strategy.

 

Not too bad, glad there were no real tax grabs on investors (this time around).

Don't think it was as tough as they were making out. I think it was good they reversed some of the coalition vote buying garbage initiatives, but they still cant help themselves in increase spending on standard Labor areas.

For example if we are in a "budget emergency" why are we adding billions of dollars of spending to increase childcare rebates and paid parental leave? And only token acknowledgement that the NDIS needs a "review"? That program needs some hard choices made ASAP - it is totally out of control.

 

Honestly, I was never expecting anything radical, so I guess the budget fulfilled my mediocre expectations.

 

Note @Lizzie that is the budget released in March by the previous government.
Labor has released a budget update October which is the discussion in this thread.

 

I was discussing the October budget ... funding medical centres, increasing minimum wage and pensions etc are all labor ... the green hub is reinforcing what LNP started

 

Ah ok - the link you provided was to March budget hence my clarification.

FYI - Although accurate they are increasing, minimum wage and pensions are set independently of whoever is in government - minimum wage by commission and the pension is indexed every 6 months to CPI.

Note there is also a measure allowing pensioners to increase work earnings by $4000 before the pension is reduced.

ie Headlines such as this (then read the article outlines it is catching/keeping up with inflation):

Budget 2022: Centrelink recipients to get major cash boost