Budget 2020 has been a gamble for the Government — and it could backfire
4 years, 5 months ago

Budget 2020 has been a gamble for the Government — and it could backfire

ABC  

If ever there was a "forgive and forget" Budget, this is it. That is, the unprecedented nature of the disruption caused by a global pandemic makes most of the Budget's forecasts — things like the deficit and growth forecasts — not much more than a "pin the tail on the donkey" exercise. In that context, the Budget's two most important measures are the wage subsidy it offers employers who take on young workers, and an investment tax concession so exceptionally generous as to make even the most shell-shocked business — that thinks it has a remote chance of surviving 2020 — contemplate spending some money. The Budget speaks of private-sector led growth, and backs this with measures which flow overwhelmingly to business — from tax concessions to wage and apprentice subsidies. History nerds might note the forecast of 4.75 per cent real GDP growth in 2021-22 is identical to that of Paul Keating's 1992 One Nation roadmap out of the early 1990s recession — and only hope the 2020 forecasts come closer to being met.

Business Budget End Next Year  budget  growth  gamble  pandemic  forecasts  backfire  business  end  wage  spending  tax  budgets  2020

History of this topic

Budget 2025: These announcements by FM Sitharaman could revive Nifty bulls; here are top stocks to track today
1 month, 2 weeks ago

Budget 2025: These announcements by FM Sitharaman could revive Nifty bulls; here are top stocks to track today

Live Mint  

Budget 2025 Expectations: Domestic equity indices have been on a downward trajectory for the past four months, declining over 13% from their peak and struggling to witness recovery. As Union Budget 2025 is set to be unveiled today, February 1, investors expect bold policy measures to revive growth, boost consumption and create jobs. The Budget could also provide tax and …

Final budget result delivers $15.8 billion 'back-to-back' surplus due to lower spending
5 months, 2 weeks ago

Final budget result delivers $15.8 billion 'back-to-back' surplus due to lower spending

ABC  

A drop in spending has netted the federal government a $15.8 billion surplus for the most recent financial year, despite the government's tax take also falling in that time. However, internal analysis prepared for the Reserve Bank in June determined the government's budget for this financial year was expected to be "slightly expansionary", despite inflation still sitting above the RBA's …

PETER VAN ONSELEN: Here's the reality of the 2024 Budget for your hip pocket - now and in the years to come
10 months ago

PETER VAN ONSELEN: Here's the reality of the 2024 Budget for your hip pocket - now and in the years to come

Daily Mail  

This is a Jim-flationary budget, make no mistake. Treasurer Jim Chalmers' handed down his third budget on May 14 Budget 2024 delivers a surplus this financial year but wall to wall deficits in the out years Chalmers began his Budget speech with trademark confidence, smiling and laughing at the podium before formally reading from his notes. But the danger is …

Is federal budget 2024 the end of small government?
10 months ago

Is federal budget 2024 the end of small government?

ABC  

The government is getting back into business. In March the government extended support, including grants, to two critical minerals operations, Gina Rinehart's Arafura and lithium producer Liontown, and has recently talked up investments in quantum computing and solar panels. "In certain circumstances, targeted public investment can strengthen the alignment of economic incentives with Australia's national interests and incentivise private investment …

Budget 2024: Jim Chalmers to deliver $9.3billion surplus... but there's bad news on the horizon
10 months ago

Budget 2024: Jim Chalmers to deliver $9.3billion surplus... but there's bad news on the horizon

Daily Mail  

Treasurer Jim Chalmers will deliver back-to-back budgets in the black, with fresh forecasts of the nation's finances set to show a surplus of $9.3billion for the current fiscal year. Treasurer Jim Chalmers will deliver back-to-back budgets in the black, with fresh forecasts of the nation's finances set to show a surplus of $9.3bn for the current fiscal year Heralding the …

Federal budget to haul in extra cash once again, but less than in previous years
10 months, 1 week ago

Federal budget to haul in extra cash once again, but less than in previous years

ABC  

Next week's federal budget will once again collect more in tax than expected, raking in an extra $25 billion over the five-year budget forecasting period. The windfall is smaller than in the past six updates, prompting Treasurer Jim Chalmers to warn his third budget would be characterised by "intensifying, not easing" financial pressure to show fiscal restraint. He said this …

Budget 2024: 5 key changes we can expect this year
1 year, 1 month ago

Budget 2024: 5 key changes we can expect this year

Firstpost  

On February 1, Finance Minister Nirmala Sitharaman is scheduled to deliver the Union Budget 2024–25. Thus, let’s examine five important charts that provide insight into the interim Budget’s chances before it is announced: Total Revenue vs Expenditures Revenue and spending are the most frequently followed budget metrics, particularly in relation to the growth of the economy. In spite of nominal …

More red ink: Congressional budget agency projects bigger deficits as debt talks continue
1 year, 10 months ago

More red ink: Congressional budget agency projects bigger deficits as debt talks continue

Associated Press  

WASHINGTON — This year’s projected government budget deficit has jumped by $130 billion, due in part to a proposed change to student loan repayment plans and a series of bank rescues organized by federal regulators, the Congressional Budget Office said Friday. Revenue collections through April were lower than the agency expected, resulting in a projected budget deficit of $1.5 trillion …

Federal budget 2023: Winners and Losers
1 year, 10 months ago

Federal budget 2023: Winners and Losers

ABC  

Treasurer Jim Chalmers has handed down his second budget, which looks good for the government, but what is in it for you? Winner: Arts The federal government is committing $286 million over five years to support the arts, most of which will fund Creative Australia to deliver the government's arts program and establish four new arts bodies: a First Nations-led …

CM asserts that 293 of the 390 Budget announcements made last year have been implemented
2 years ago

CM asserts that 293 of the 390 Budget announcements made last year have been implemented

The Hindu  

Dismissing Opposition allegations, Chief Minister Basvaraj Bommai on Friday asserted that 293 of the 390 Budget announcements made last year had been implemented. Replying to the debate on the State Budget in the Legislative Council, the Chief Minister said 90% of the Budget expenditure would be spent by the end of this financial year. “Going by the current tax collection, …

Budget 2023. Economists Expect Budget To Focus On Strengthening Manufacturing, Creating Jobs: Report
2 years, 1 month ago

Budget 2023. Economists Expect Budget To Focus On Strengthening Manufacturing, Creating Jobs: Report

ABP News  

In just two days Budget 2023 will be presented in the Lok Sabha. According to the survey, the majority of economists expect this Budget "to steer clear of populist measures and focus on strengthening manufacturing and creating jobs." According to HSBC Holding Plc’s chief India economist Pranjul Bhandari, the nation’s path to fiscal consolidation will require a herculean effort. The …

Budget 2023 Expectations: Let Us Be Pragmatic And Not Overtly Populist
2 years, 1 month ago

Budget 2023 Expectations: Let Us Be Pragmatic And Not Overtly Populist

News 18  

Finance minister Nirmala Sitharaman will present her final Union Budget on 1 February 2023, before the general elections scheduled to be in 2024. While tax collections have been robust this financial year to cushion revenues and projections, the forthcoming Budget in its proclamations, will also have to take into consideration the significant challenges predicted for the Indian economy, due to …

Federal COVID aid OK’d to pay for roads, natural disasters
2 years, 2 months ago

Federal COVID aid OK’d to pay for roads, natural disasters

Associated Press  

— State and local governments will soon gain new flexibility to spend billions of federal coronavirus relief dollars on things not directly related to the pandemic, including new roads and bridges and aid to people affected by wildfires, floods and other natural disasters. The broadened spending authority for the previously approved pandemic aid was one of many of provisions wrapped …

Will you be better off after the budget? Maybe, but bad news is coming later
2 years, 11 months ago

Will you be better off after the budget? Maybe, but bad news is coming later

ABC  

Will you be better off as a result of Josh Frydenberg’s fourth — and possibly last — budget? But it is not forecasting that wages are going to significantly outpace inflation over the next four years, and the budget papers paint a picture of wages growth coming from people job-hopping and being paid bonuses and "non-wage allowances" by employers desperate …

Biden’s budget blueprint: Higher taxes on wealthy, lower deficits
2 years, 11 months ago

Biden’s budget blueprint: Higher taxes on wealthy, lower deficits

Al Jazeera  

The US budget plan also calls for more money for police and greater funding for education, public health and housing. US President Joe Biden released a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing. The proposal lists another $1.4 trillion in …

Out of the Frydenberg and into the fire ahead of the budget, with debt and deficits for at least another decade
2 years, 11 months ago

Out of the Frydenberg and into the fire ahead of the budget, with debt and deficits for at least another decade

ABC  

Everything these days seems totally out of whack. When Tony Abbott was elected prime minister, our net debt sat at around $200 billion, or about 10 per cent of the size of our economy. It's due to hit 40 per cent within the next year or so — at around $1 trillion — which is still manageable, so long as …

Budget 2022 is impactful & visionary, says US-India trade networking body
3 years, 1 month ago

Budget 2022 is impactful & visionary, says US-India trade networking body

India Today  

Finance Minister Nirmala Sitharaman has been able to once again come up with an impactful and visionary budget which is “balanced, fiscally prudent and growth-oriented” in the midst of the third wave of Covid-19, the USA-India Chamber of Commerce said. It also paves the way for post-pandemic longer-term restructuring of the Indian economy,” Karun Rishi, president of Boston-based USA India …

Budget 2022 – Will it be a booster shot for the healthcare sector?
3 years, 1 month ago

Budget 2022 – Will it be a booster shot for the healthcare sector?

Live Mint  

The pandemic period has been very pertinent and aspiring for the country’s pharma sector. Reintroducing tax holidays for rural hospitals with a flexibility to select beneficial years and viability gap funding by the government for setting up hospitals, would make this area an attractive space for investment and strengthen country’s healthcare infrastructure. Further, a weighted deduction of expenses incurred on …

A quick guide to make sense of budget numbers
3 years, 1 month ago

A quick guide to make sense of budget numbers

Live Mint  

The annual budget ritual in India follows a familiar script. On budget day, influential businessmen and ambitious economists outdo one another to provide the highest ‘ratings’ to the budget. One of the usual budget tricks is to state big hikes in percentage terms—say, a 25% hike in the rural development ministry outlay—and to state small hikes in absolute terms, such …

Budget 2022 Expectations: Healthcare Sector May See a Boost Amid Covid-19 Pandemic
3 years, 1 month ago

Budget 2022 Expectations: Healthcare Sector May See a Boost Amid Covid-19 Pandemic

News 18  

Budget 2022 Expectations: The Union Budget is set to be presented in just a few days and different industries, individuals and other around the country are anticipating changes in their respective area. With the Covid-19 pandemic still spreading its arms, the healthcare sector will be one of the most critical topics that might be discussed during the Budget session. Brokerage …

Minnesota budget officials project huge $7.7 billion surplus
3 years, 3 months ago

Minnesota budget officials project huge $7.7 billion surplus

Associated Press  

ST. PAUL, Minn. — Minnesota officials will release an updated budget forecast on Tuesday that’s expected to show further improvements and set the stage for the 2022 legislative session. This will be the first major revenue-and-spending forecast since projections from Minnesota Management and Budget in February, when an anticipated $1.3 billion deficit due to the pandemic swung to a $1.6 …

The Budget mustn’t ignore how Covid has marred the life chances of the poorest children
3 years, 4 months ago

The Budget mustn’t ignore how Covid has marred the life chances of the poorest children

The Independent  

If you take a stroll through a town or city centre on a Friday evening – assuming you can ignore the many boarded up shops – you would be forgiven for imagining things are back to normal. “Having looked through it all,” Sunak told Times Radio last week, “it’s pretty clear the two things that make the biggest difference to …

Budget will focus on shoring up British economy after shock of coronavirus
3 years, 4 months ago

Budget will focus on shoring up British economy after shock of coronavirus

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak’s second Budget of …

U.S. budget deficit hits $2.8 trillion in 2021, 2nd highest
3 years, 4 months ago

U.S. budget deficit hits $2.8 trillion in 2021, 2nd highest

LA Times  

The Biden administration attributed the decrease in the U.S. deficit to a recovering economy that boosted revenues, helping to offset government spending on pandemic relief efforts. The U.S. budget deficit totaled $2.8 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.1 trillion reached in 2020. The Biden administration said Friday that the …

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021
3 years, 5 months ago

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021

ABC  

The federal government has revealed the budget deficit was $27 billion lower than forecast in the May budget. Key points: Treasurer Josh Frydenberg says lower unemployment is to thank for the improvement The original forecast was for a $161 billion deficit for the 2020-21 financial year The extended lockdowns in NSW, Victoria and the ACT are expected to increase this …

Budget deficit shrinks in process of protecting jobs during the COVID pandemic
3 years, 5 months ago

Budget deficit shrinks in process of protecting jobs during the COVID pandemic

ABC  

The final budget numbers are in and they're better than expected. Last year's 2020-21 budget estimated that, by the end of the financial year on June 30, the size of the budget deficit would be $161 billion. A budget "deficit" is simply an accounting term that describes a situation where the Federal Government is spending more money into the community …

As rich-poor divide widens between nations, UN urges reform
3 years, 6 months ago

As rich-poor divide widens between nations, UN urges reform

Al Jazeera  

Developing countries could shoulder most of the cost of the coronavirus crisis, a new report from the UN warns. “The danger of a lost decade ahead remains a very real one,” Richard Kozul-Wright, UNCTAD’s director of globalisation and development strategies, told Al Jazeera. “And so far, the discussion of reform of the multilateral system, along the lines that followed the …

Decade of budget deficits ahead as government spends billions to recover pandemic-hit economy
3 years, 10 months ago

Decade of budget deficits ahead as government spends billions to recover pandemic-hit economy

ABC  

The Treasurer has declared Australia's economic engine is "roaring back to life" as he unveiled tens of billions in new spending in a budget that could be the Coalition's last before a federal election. Key points: The deficit this financial year is expected to be $161 billion, falling to $106 billion in 2021-22 The government has forecasted an unemployment rate …

Post coronavirus pandemic Budget will be promising, says Telangana CM
4 years ago

Post coronavirus pandemic Budget will be promising, says Telangana CM

Business Standard  

Telangana Chief Minister Chandrashekar Rao has hinted that the 2021-2022 state annual Budget would be promising while adding that Budget Session of the Telangana Legislature might take place in the middle of this month. The CM said the Centre appreciated the Sheep distribution policy and it also recognized that the Telangana state is progressing to become the most Sheep populated …

What happened in the Budget 2021?
4 years ago

What happened in the Budget 2021?

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Follow Budget 2021 live: Latest news and updates However, it also forecasts that the economy …

The budget got its growth focus right but challenges still remain
4 years, 1 month ago

The budget got its growth focus right but challenges still remain

Live Mint  

The budget has struck while the iron is hot, both on reforms and the fiscal math. The budget then did what would have been unthinkable had the pandemic not occurred—veer off the Fiscal Responsibility and Budget Management path by as much as 3.8 percentage points for next fiscal, almost double the budgeted borrowing, and altogether redraw the path of fiscal …

Story of Budget 2021, in 9 charts
4 years, 1 month ago

Story of Budget 2021, in 9 charts

Live Mint  

Even as countries across the world raised spending aggressively to counter the economic impact of the covid-19 pandemic, India had remained an outlier. The share of Union spending on health, education, and rural development ministries will be lower in the upcoming fiscal year than in the fiscal 2015-2021 period. Source: Budget Documents In the ongoing fiscal year, growth in capital …

With Bold Position on Fiscal Deficit, This is Not a One-off, Flash-in-the-Pan Budget
4 years, 1 month ago

With Bold Position on Fiscal Deficit, This is Not a One-off, Flash-in-the-Pan Budget

News 18  

The Union Budget 2021 announced by Finance Minister Nirmala Sitharaman in Parliament on Monday is, by most measures, an absolutely pathbreaking budget. The ability of the Central government to take a bold position on fiscal deficit is praiseworthy and in alignment with the national aspirations for a growth-inducing expenditure on health and livelihoods. The Covid-19 pandemic has been used as …

Highlights: Budget will drive economic revival post Covid-19, says India Inc
4 years, 1 month ago

Highlights: Budget will drive economic revival post Covid-19, says India Inc

Hindustan Times  

Finance minister Nirmala Sitharaman presented her third Budget, the Budget which was like never before, in Parliament on Monday. This was the first digital Budget presentation, where the finance minister read out the speech from a tab, made in India. The Budget allocated ₹35,000 crore for Covid-19 vaccines Prime Minister Narendra Modi, defence minister Rajnath Singh, home minister Amit Shah …

Budget 2021 will be starting point for economic recovery after COVID-19 pandemic, say experts
4 years, 1 month ago

Budget 2021 will be starting point for economic recovery after COVID-19 pandemic, say experts

Firstpost  

New Delhi: Finance Minister Nirmala Sitharaman on Monday will deliver her promised Budget like no other that is expected to provide relief to the pandemic-hit common man as well as focus more on driving the economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours. Higher capital expenditure outlay for the National Infrastructure Pipeline programme …

Budget 2021: Vaccine cess coming this year? Here's what former finance secretary has to say
4 years, 1 month ago

Budget 2021: Vaccine cess coming this year? Here's what former finance secretary has to say

India TV News  

The 'never before-like' Union Budget is just a couple of days away. India TV Digital spoke to Former Finance Secretary CM Vasudev, who advocated a one-time vaccine cess this year. He also spoke at length about various budget aspects, including generating new employment opportunities, tax relief to the salaried class, fiscal deficit and more. All Eyes on Nirmala Sitharaman's Budget …

Union Budget 2021: Why stakes are high in FM Sitharaman's 'budget like never before'
4 years, 1 month ago

Union Budget 2021: Why stakes are high in FM Sitharaman's 'budget like never before'

India Today  

All eyes will be on Finance Minister Nirmala Sitharaman as she gets ready to announce the Union Budget 2021 on February 1 amid huge public expectations in the wake of Covid-induced economic crisis. As former RBI Governor and top economist, Raghuram Rajan, said, this year’s budget plan will depend on prioritisation as the government is expected to spend more for …

Indian Economy to Get Shot in the Arm from Union Budget 2021-22, Says Report
4 years, 1 month ago

Indian Economy to Get Shot in the Arm from Union Budget 2021-22, Says Report

News 18  

India’s path to economic recovery will be stronger than previously thought as fiscal expansion and vaccine hopes help the country heal from COVID-19, a Reuters poll of economists showed. Alongside that, nearly 60% of respondents, 18 of 31, who responded to an additional question in the Jan. 13-25 poll said India’s federal budget, due on Feb. 1, would help a …

World’s economic recovery gets delayed by slow vaccine rollouts
4 years, 1 month ago

World’s economic recovery gets delayed by slow vaccine rollouts

Live Mint  

The world economy is facing a tougher start to 2021 than expected as coronavirus infections surge and it takes time to roll out vaccinations. Record cases in the US are dragging on retail spending and hiring, prompting President Joe Biden’s new administration to seek an extra $1.9 trillion worth of fiscal stimulus. “That’s a reflection of the hard reality that, …

Union Budget 2021: Timely dissemination of vaccine, easy financial conditions may trigger growth in economy
4 years, 1 month ago

Union Budget 2021: Timely dissemination of vaccine, easy financial conditions may trigger growth in economy

Firstpost  

India has met with success in containing the pandemic, keeping infections under control into early 2021, breaking the linkage between higher mobility levels and unlocking of the economy. Timely dissemination of the vaccine, easy financial conditions via propping rate-sensitive sectors as well as narrowing spreads for corporates, and better global outlook, should lift the cloud cast by the pandemic, allowing …

Budget 2021: 3 expectations from Nirmala Sitharaman
4 years, 2 months ago

Budget 2021: 3 expectations from Nirmala Sitharaman

India Today  

All eyes are on the upcoming budget for the next financial year as India looks to recover from the economic devastation caused by the coronavirus pandemic in 2020-21. However, expecting a lavish budget A few days ago, Finance Minister Nirmala Sitharaman promised a budget like “never before”, indicating that the government is set to take difficult steps required to boost …

Next Year Budget to Be Prudent and Growth Oriented, Says RBI Governor Shaktikanta Das
4 years, 3 months ago

Next Year Budget to Be Prudent and Growth Oriented, Says RBI Governor Shaktikanta Das

News 18  

With the Budget-making exercise in full swing, RBI Governor Shaktikanta Das on Friday said Budget 2021-22 is expected to be prudent and growth oriented. So, the budget next year also I expect to be very prudent but naturally, it has to be a growth oriented budget. While unveiling fifth bi-monthly monetary policy review, Das said the economy is recuperating faster …

Global economic bailout is running at $19.5 trillion. It will go higher
4 years, 3 months ago

Global economic bailout is running at $19.5 trillion. It will go higher

CNN  

London CNN Business — Governments and central banks have promised to shell out $19.5 trillion since the coronavirus erupted to “put a floor under the world economy,” according to the International Monetary Fund. While coronavirus vaccine candidates point to improved prospects for the global economy next year, they won’t help countries much in the immediate future. In the United States, …

Nobel UN food agency warns 2021 will be worse than 2020
4 years, 4 months ago

Nobel UN food agency warns 2021 will be worse than 2020

Associated Press  

UNITED NATIONS — The head of the World Food Program says the Nobel Peace Prize has given the U.N. agency a spotlight and megaphone to warn world leaders that next year is going to be worse than this year, and without billions of dollars “we are going to have famines of biblical proportions in 2021.” David Beasley said in an …

$3.1 Trillion: Pandemic Spending Drives The Federal Budget Deficit To A Record
4 years, 5 months ago

$3.1 Trillion: Pandemic Spending Drives The Federal Budget Deficit To A Record

NPR  

$3.1 Trillion: Pandemic Spending Drives The Federal Budget Deficit To A Record Enlarge this image toggle caption Patrick Semansky/AP Patrick Semansky/AP Updated at 3:16 p.m. ET The U.S. budget deficit soared to a record $3.1 trillion, following a massive surge in government spending aimed at containing the economic damage from the coronavirus pandemic. But the overwhelming factor driving the deficit …

WA Budget in surplus as economy continues to reap mining riches despite pandemic
4 years, 5 months ago

WA Budget in surplus as economy continues to reap mining riches despite pandemic

ABC  

Bumper iron ore royalties have helped Western Australia forecast a budget surplus of $1.2 billion this financial year, despite the economic impacts of the COVID-19 pandemic, with Treasury anticipating the state's hard border will be down sometime between April and June next year. Key points: WA is forecasting budget surpluses for the next four years The centrepiece of the Budget …

Government braces for massive deficit as tax cuts, spending set to be outlined in coronavirus Budget
4 years, 5 months ago

Government braces for massive deficit as tax cuts, spending set to be outlined in coronavirus Budget

ABC  

The Federal Government is preparing to hand down one of the most consequential budgets in living memory, with tax cuts, infrastructure spending and a record deficit expected to be outlined when Treasurer Josh Frydenberg speaks in Parliament this evening. Key points: Fast-tracked tax cuts are set to put billions in the pockets of Australian workers Fast-tracked tax cuts are set …

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion
4 years, 5 months ago

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

ABC  

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels. Key points: Debt and deficits are set to hit record highs as coronavirus savages the economy Debt and deficits are set to hit record highs as coronavirus savages the economy Businesses …

The 2021 budget: The impact of coronavirus, news, views and reactions
4 years, 6 months ago

The 2021 budget: The impact of coronavirus, news, views and reactions

Dutch News  

The government published its 2021 spending plans on Tuesday. The king’s speech, in English Budget focus is on strengthening the economy, finance minister says The government’s 2021 spending plans are focused on keeping the economy strong now and into the future, despite coronavirus, finance minister Wopke Hoekstra told MPs on Tuesday afternoon. Criticism, optimism and wrong priorities: Mixed reactions to …

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