Budget night

Good stuff at the conversation The Conversation: In-depth analysis, research, news and ideas from leading academics and researchers.

 

Weeeeell - not in the Russian sense. More buy-back or start-again

 

Geelong to Melbourne fast rail is the only standout for me. Guess I’ll get my “tax cuts” when it’s done and I move to the beach and sell this overpriced house I have 12km from the CBD

 

Reminds me of when the carbon tax was ditched, and the really big savings that everyone "saw" in their power bills.
Within 12-18 months it was all gone , as everything else went up at a faster rate than their incomes.
Its a bit like taking $10,000 of someone ,but they feel a little better when you give back $1000.

 

Smoke and mirrors The seven graphs that expose the Coalition’s 2019 budget fairy tale | Greg Jericho

 

“
But let’s conclude by focusing on the present.

In the only year that this is almost real and involves only three months of forecasts (2018-19) the government has managed to reduce the deficit from $5.2bn to $4.2bn between the last estimate in December and now, which in turn was a reduction from $14.5bn last May.

The contribution to that $10.3bn turnaround from “parameter variations” — that is, things outside the government’s control — is $14.1bn.

That means the government’s contribution to it was negative $4.3bn. That’s the only real thing in the budget.

“


The Australian on Twitter

 

A lot of the world is looking at a global recession, the USA is doing trade negotiations with China so tax revenues into the future look shakey. Yet we have a budget that includes tax reductions, and the strong possibility that they are locking in a structural defecit.

Not that I expect any better from these clowns. While the world has been repaying debt, the LNP has borrowed more. Australia’s debt to GDP ratio was just 16.8 per cent in 2013 when Labor left office. Today’s figure is 42 per cent. Australia’s debt numbers are now $543 billion, up from $175 billion. These magnificent economic managers have raised the debt more than ALL previous governments combined.

 

I'm not concerned too much about the borrowing but the Coalition have form on creating structural deficits through tax reductions based on temporary revenue inflows e.g resource booms. If you took those practices into the workplace and you were in finance you'd be have those responsibilities taken from you; it's not conservative planning at all but rather rollong the dice and praying that everything goes right.

 

What annoy me about funding and policy announcements is the government's with yell $100BILLION FOR ROADS (whisper: over 20 years), which is a pittance.

I'd rather have seen Newstart increase by $2k a year for those studying than the tax cuts

 

And that increase in Newstart will go straight back into the economy as domestic spending. Win win.

 

To be fair newstart needs to irrespective of if you're studying or not. Never understood why people get so up in arms about newstart increases, people for the most part want to work, punishing them with below cost of living payment is morally reprehensible imo

 

Respectfully, I want the opposite. Time and again public sector demonstrate they can't manage services without them becoming bloated and inefficient.

Give me the tax cuts and I will pay the private sector to deliver my services thanks.

 

No news is good news on that front. NG, CGT, trust distributions, franking credits all remain gloriously untouched.

 

He also mentioned "all without raising taxes" once or twice

 

Party pooper!

 

I admire your optimism.

 

Babahahhahahahah. Oh...that’s funny.

Edit: for some clarity, could you direct me to the private fire service, police force, public hospital system to deal with your emergencies, main roads and public service departments, regulatory groups to ensure wireless spectrum is correctly managed etc etc. a number of studies have found that gov is actually very efficient at delivering services. The belief that commercial groups are always more efficient, but more importantly effective, is a furphy.

 

“The BCA’s chief executive, Jennifer Westacott, told the ABC she was “bewildered” by the lack of commitment from both the Coalition and Labor to boosting unemployment benefits.

“Labor says we’re going to review it. Well, what are you going to review? I mean, seriously, I mean, you know, it’s so demonstrably unfair,” Westacott said.”

Even the BCA thinks Newstart is unfair.