Budget Speech

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Budget Speech

Postby HBS Guy » 07 May 2018, 19:19

I will try to keep up with Morriscum, post snippets of the most important-seeming.

Post your own impressions too!

Locked till the Budget speech—speculations in the other Budget thread.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:24

OK, nearly zero hour.

Comments to be tightly focussed on what Morriscum says in his speech please. OT posts will be deleted.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:33

Tax cuts

Boost to revenue

Stronger economy, more jobs—yeah from State govt infrastructure spending.

mining boom ended yadda yadda.

1m jobs since election 2013.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:35

Stronger economy—fuck, tiny tiny growth.

tax relief

no details yet. Just crud.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:37

Budget deficit half that of two years ago. How?

$18.2Bn deficit
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:38

Cutting spending

24.7% of GDP

23.7% is share of taxation

Surplus in 2019/20. Yeah right.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:43

Tax relief

7 year personal tax plan

More working Aust paying less tax.

Now—low–middle earners 32.5¢ in dollar earned $530 less tax.

On $32K or less tax cut to

middle income $1000 tax relief. Tax offsets

Medicare levy unchanged.

Top threshold raised to $90K, other thresholds reduced to.

Abolish the 23.5¢ tax rate.

$13.4Bn cost of tax cuts some cuts in 2019/20.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:47

More money pensioners can earn w/o paying tax or losing pension.

Keep franked div payments

Child allowance up.

pissweak low emissions targe, pissweak low renewable energy target stay.

Business

Enterprise tax plan (giving money mostly to overseas shareholders.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:48

Infrastructure

supposed to be big item.

Medical research yeah yeah

$2.4Bn in high tech stuff, satellites, AI etc.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:51

Infrastructure?

More R&D writeoffs. More money for farmers.

Rolling infrastructure plan. Nothing new, re-announcing commitments etc. Disappointing.

$3.5Bn strategic roads.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:53

Pretty lacklustre Budget.

Claims credit for State infrastructure building for jobs growth.

No idea where the funding for the personal tax cuts come from. Bit elastic maybe? A rise in the $A will wipe out mining profits.
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 20:54

All this “restraint in spending” is not helping the economy.

God, more fucking chaplains in schools! FFS!
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Re: Budget Speech

Postby johnsmith » 08 May 2018, 22:03

HBS Guy wrote:7 year personal tax plan

More working Aust paying less tax.


Apparently $200 per annum in tax savings

Given the wait to get my $550 after scrapping the carbon tax, I'm not hopeful I'll still be alive when I start to see $200 a year in tax cuts .... and I'm still relatively young (at least when compared to monk and aussie)
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Re: Budget Speech

Postby HBS Guy » 08 May 2018, 23:10

Ah, but do you have good jeans like us?
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Re: Budget Speech

Postby johnsmith » 08 May 2018, 23:21

HBS Guy wrote:Ah, but do you have good jeans like us?


grandfather died at 94, my old man had another son at 70

I'd say my genes are pretty good :meet
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Re: Budget Speech

Postby HBS Guy » 09 May 2018, 00:14

My Opa died at 92. Had bits of lung removed in the 1950s, bowel cancer operation when he was in his 80s, came here a few months later for a 6 month visit and enjoyed himself greatly here.

Took him to a Young Labor meeting. Afterwards—there was this guy in his 80s, taking to all the chicks there, the young studs looking on impatientily, no chance of cutting in. :bgrin

Dad however, died aged 71 as did his Dad I think.
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Re: Budget Speech

Postby HBS Guy » 09 May 2018, 02:54

Also, the tax free threshold was not increased in the Budget so those with insufficient hours of work will pay more tax as their low wages creep up. There was no increase to the pension or NewStart.

The new $40–200,000K bracket will see those on high wages pay less tax and this tax cut will increase for those near the top of the bracket.
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Re: Budget Speech

Postby johnsmith » 09 May 2018, 10:18

turns out about half the tax cut isn't a tax cut at all. They've just reversed a future planned increase to the medicare levy

the tax cut you get when you're not getting a tax cut

I'm sure next year they'll announce a reinstatement of the increase of the medicare levy :roll :roll
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Re: Budget Speech

Postby HBS Guy » 09 May 2018, 17:15

More money wasted on holy clapper useless-as-tits-on-a-bull chaplains! To council kids about bullying!
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Re: Budget Speech

Postby HBS Guy » 09 May 2018, 21:21

Sums it up beautifully:

Image

All froth no substance.
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Re: Budget Speech

Postby HBS Guy » 09 May 2018, 22:01

Andrew Leigh—he really should be Shadow Treasurer, Bowen Finance Minister.

The Coalition’s tax-to-GDP ratio is effectively going to be used as their excuse for not cracking down on multinational tax loopholes and giving massive handouts to banks. It’ll be their excuse for running razor thin surpluses rather than the strong budget surpluses they were promising just a couple of years ago


More –
http://www.andrewleigh.com/economics_of_the_company_tax_cut_simply_don_t_stack_up_transcript_sky_news_agenda
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Re: Budget Speech

Postby HBS Guy » 10 May 2018, 08:39



The idiocy of cutting scientific research.
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Re: Budget Speech

Postby MilesAway » 10 May 2018, 15:19

HBS Guy wrote:Sums it up beautifully:

Image

All froth no substance.

It's worse than that: they have admitted giving the kids of Australia a copper noose!

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