Federal Budget 2019

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Federal Budget 2019

Postby HBS Guy » 01 Apr 2019, 18:20

Tomorrow.

Fraudenberg will crap on for hours about, ta da! SURPLUS budget:

. . .the Coalition has confirmed it will hand down the first surplus budget in more than a decade, achieved through a revenue bonanza underpinned by strong company tax receipts on the back of strong resources prices and under-spending on disability services.


In other words, temporary but THAT will not be mentioned nor will mineral prices: “strong economic management” will be the rhetoric even as the real estate market is crashing, the economy is contracting and massive underspending on infrastructure (e.g. NBN which won’t get a mention) and disability services etc.

Of course—tax cuts!

Finance Minister Mathias Cormann has also all but confirmed the budget will also include extra personal income tax relief.


If this relief was going to those on low incomes (increasing the tax free threshold, raising the level at which the second rate cuts in) would actually give some stimulus—the household sector is stressed because of wages rising more slowly than inflation.

Read the rest: https://thenewdaily.com.au/money/news-federal-budget/2019/04/01/coalition-last-budget-pitch/
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Re: Federal Budget 2019

Postby SethBullock » 01 Apr 2019, 23:24

HBS Guy wrote:Tomorrow.

Fraudenberg will crap on for hours about, ta da! SURPLUS budget:

. . .the Coalition has confirmed it will hand down the first surplus budget in more than a decade, achieved through a revenue bonanza underpinned by strong company tax receipts on the back of strong resources prices and under-spending on disability services.


In other words, temporary but THAT will not be mentioned nor will mineral prices: “strong economic management” will be the rhetoric even as the real estate market is crashing, the economy is contracting and massive underspending on infrastructure (e.g. NBN which won’t get a mention) and disability services etc.

Of course—tax cuts!

Finance Minister Mathias Cormann has also all but confirmed the budget will also include extra personal income tax relief.


If this relief was going to those on low incomes (increasing the tax free threshold, raising the level at which the second rate cuts in) would actually give some stimulus—the household sector is stressed because of wages rising more slowly than inflation.

Read the rest: https://thenewdaily.com.au/money/news-federal-budget/2019/04/01/coalition-last-budget-pitch/


I agree with your ideas about taxes. Under the tax reforms passed by the Republicans, the tax free threshold for a married couple was raised to $24,000. But everyone else at higher income levels were given a tax cut too. I ended up with a tax cut, but I didn't really need it. I would have preferred that the tax free threshold was raised even higher and that tax rates for everyone else remained the same. My country's federal government runs a deficit every year, and until that budget is balanced, I can't get behind across-the-board tax cuts.
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Re: Federal Budget 2019

Postby pinkeye » 02 Apr 2019, 02:54

I'd prefer some re-funding of all the services cut by the government over the last 10 years.

I'd prefer that this alleged ( Bullshit) Balanced budget meant real help to those in need, rather than tax cuts for those who don't really need it (as someone else also opined).

They can only claim a Budget in Surplus, because they;ve taken the money from the poor, and benefited from higher iron ore prices and other natural resources exploitation.


All the talk of Boom and BUST back a few years, when the Government cried poor because there was a decrease in these commodity prices ... it always was a furphy. The need for minerals and iron ore cannot really ever fall, in the long run, because the market will ever and always INCREASE , because there are more people, and more need for these resources. Not talking about Coal either.

Bullshit Budget..bringing it forward, before the Election.
What a fucking scam this government runs on the people.
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Re: Federal Budget 2019

Postby HBS Guy » 02 Apr 2019, 12:56

Temporary high revenue, yup. Not a good idea to give it away—but pensioners etc only get a one-time help with energy.
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Re: Federal Budget 2019

Postby HBS Guy » 02 Apr 2019, 13:04

Reserve Bank of Australia board (RBA) has kept rates on hold at 1.5%. By contrast, the US Fed. Reserve has raised rates, hence the low $A.
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Re: Federal Budget 2019

Postby Dax » 02 Apr 2019, 14:23

Hilarious, how can you claim to have a balanced budget when you owe more than 1000 billion dollars and it grows each quarter.

"Australia's net IIP liability position was $975.7b at 31 December 2018, an increase of $36.5b on the revised 30 September 2018 position of $939.1b. Australia's net foreign debt liability position increased $35.4b to $1,082.9b. Australia's net foreign equity asset position decreased $1.1b to $107.2b at 31 December 2018."

We go backward by more than 7 billion each quarter, call that balancing the budget.

https://www.abs.gov.au/AUSSTATS/abs@.nsf/mf/5302.0
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Re: Federal Budget 2019

Postby Bongalong » 02 Apr 2019, 15:09

HBS Guy wrote:Temporary high revenue, yup. Not a good idea to give it away—but pensioners etc only get a one-time help with energy.

Aren't they sick of getting shafted yet?
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Re: Federal Budget 2019

Postby johnsmith » 02 Apr 2019, 18:06

HBS Guy wrote:Temporary high revenue, yup. Not a good idea to give it away—but pensioners etc only get a one-time help with energy.



only AFTER they cut an ongoing subsidy to pensioners :roll
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Re: Federal Budget 2019

Postby HBS Guy » 02 Apr 2019, 18:25

Anybody that can be bothered to watch the Budget speech please post your impressions here.

When Fraudenburg bullshits on about his “surplus” just remember there is like $30Bn of NBN debt that really should be taken on the Budget as it will never be repaid.
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Re: Federal Budget 2019

Postby hatty » 02 Apr 2019, 19:09

sorry monk......

willy wonka and microwaved popcorn for me..........

it will be more believable.

i shall give my opinions in the cold light of day....

happy budget everyone
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Re: Federal Budget 2019

Postby greggerypeccary » 02 Apr 2019, 19:19

hatty wrote:sorry monk......

willy wonka and microwaved popcorn for me..........

it will be more believable.

i shall give my opinions in the cold light of day....

happy budget everyone


Santa Clarita Diet (season 3) and wine for me.

You literally could not pay me to watch Fraudenburg's bullshit.
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Re: Federal Budget 2019

Postby HBS Guy » 02 Apr 2019, 19:20

More believable. . . .very true. None of the collection of bombast and bullshit will be implemented.
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Re: Federal Budget 2019

Postby johnsmith » 02 Apr 2019, 19:35

this is a good breakdown

https://www.abc.net.au/news/2019-04-02/federal-budget-2019-winners-and-losers/10939098


most notable is that the previously leaked budget surplus isn't actually in surplus :grn
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Re: Federal Budget 2019

Postby HBS Guy » 02 Apr 2019, 20:59

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Re: Federal Budget 2019

Postby pinkeye » 02 Apr 2019, 22:01

Personally? sick of all the bullshit.

Couldn't care less.
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Re: Federal Budget 2019

Postby HBS Guy » 02 Apr 2019, 22:29

Call the election, take your beating, work to get back into some semblance of a real government in 2-3 terms.
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Re: Federal Budget 2019

Postby pinkeye » 02 Apr 2019, 22:59

Let us not assume anything Monk.

Aussies are scared people. Sad to say. Maybe they'll feel more comfy with the devil they know.
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Re: Federal Budget 2019

Postby HBS Guy » 02 Apr 2019, 23:18

No, you don’t come back from over a years polls of 54:46.

NSW was different, polls barely favorable for Labor, the last one was 50:50—with a 2.8% Margin of Error. Labor had the most primary votes and a smaller swing away than the Libs did, Nats lost seats to Shooters and Fishers.
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Re: Federal Budget 2019

Postby pinkeye » 03 Apr 2019, 00:02

hope you are right. I've sort of lost confidence in the common sense of the Australian people.

Hope I'm wrong.
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Re: Federal Budget 2019

Postby greggerypeccary » 03 Apr 2019, 10:05

I see that attention whore - Asbestos Julie - is very sensitive to the needs of struggling Australians.

She decided to wear one of her less expensive - $2,500 - dresses to the budget speech.

Image
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Re: Federal Budget 2019

Postby HBS Guy » 03 Apr 2019, 10:42

Count your blessings: she is not FM anymore (Foreign Minister, like US Secretary of State. All Ministers are MPs, from House Reps or Senate. PM and Treasurer must be from the House of Reps as only the House can initiate money Bills.)
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Re: Federal Budget 2019

Postby HBS Guy » 03 Apr 2019, 11:16

One good thing: Robodebt is dead!

Take the feral, inhuman and soul-destroying aberration that is Robodebt and you can see where the ATO, which openly washed its hands of the DHS stinker, has thrown the welfare bureaucrats a lifeline and a shovel to dig themselves out of a public relations pit.

Booked in as a whopping $2.1 billion saving over five years is the “simplifying and automating [of] the reporting of employment income for social security purposes through Single Touch Payroll (STP),” the budget papers say.

The spend for that measure is about $30.4 million over the first three years with DHS picking up the lion’s share (it is their mess after all), so again, the return on investment is massive.

Think about it … $30.4 million on middleware and some transactional reporting kit (both DHS and ATO are already major IBM big iron customers) to save $2.1 billion. That’s a factor of +10 and it’s so big it makes you wonder why it took them so long to tool up (apart from misplaced pride).

Here’s the epitaph for robodebt:

“The measure will assist income support recipients by greatly reducing the likelihood of them receiving an overpayment of income support payments (and subsequently being required to repay it),” the budget papers say.


https://www.itnews.com.au/news/welcome-to-the-non-digital-budget-with-hardcore-computing-and-analytics-at-its-core-523286

Comparing weekly/fortnightly wages for part of a year with tax office data for a whole year was stupid and the execution was vicious: at least one suicide resulted. However, the result is the government knows more and more about you as welfare recipient, pensioner, small businessman or tradie/subby.
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Re: Federal Budget 2019

Postby HBS Guy » 03 Apr 2019, 12:08

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Re: Federal Budget 2019

Postby johnsmith » 03 Apr 2019, 15:39

the budget figures prove that moriscums reopening of Christmas Island after the medivac bill was passed was nothing more than a publicity stunt


https://www.abc.net.au/news/2019-04-03/federal-budget-christmas-island-detention-centre-to-be-closed/10966864
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Re: Federal Budget 2019

Postby HBS Guy » 03 Apr 2019, 16:27

First backdown: one-off energy supplement to be extended to NewStart (unemployment benefits.)

There are people doing it tough with injuries, sickness, the mature worker laid off who will never work again who are on NewStart and have to go through the rigmarole of 20 applications for jobs a week (or fortnight, not sure) do Work for the Dole (no useful skills, no real training, no WorkCover and no superannuation. These should be on the Invalid Support Pension. On such “savings” is the Budget “surplus” made.
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