Decade of budget deficits ahead as government spends billions to recover pandemic-hit economy
3 years, 7 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 of 4.5 per cent in 2023-24 and 2024-25 The centrepiece is $17.7 billion for the aged care sector The government is pitching its second pandemic budget as solely focused on Australia's recovery from the COVID-19 pandemic and recession. The centrepiece of the budget is $17.7 billion for the aged care sector, announced along with the government's response to the Aged Care Royal Commission, which unearthed years of neglect and abuse. That childcare spend is central in the Government's first women's budget statement, and accounts for half of its $3.4 billion pledge to improve women's safety, economic security and health and wellbeing.

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History of this topic

Elon Musk's budget-cutting promises defy arithmetic
1 month ago

Elon Musk's budget-cutting promises defy arithmetic

LA Times  

President-elect Donald Trump’s designated debt-busters, Elon Musk and Vivek Ramaswamy, last week wrote an op-ed in the Wall Street Journal providing the fullest accounting yet of their plans to cut “waste, fraud and abuse” — that most well-worn and oft-broken of political promises. Indeed, an omission from the dynamic duo’s piece suggests that they — and Trump — may have …

Spending plans mean £9 billion of cuts after next year, economists warn
1 month, 3 weeks ago

Spending plans mean £9 billion of cuts after next year, economists warn

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. I am willing to bet a substantial sum that …

Tax rises inevitable as Budget black hole set to persist, says think tank
2 months, 1 week ago

Tax rises inevitable as Budget black hole set to persist, says think tank

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Most of the £22 billion budget gap identified by the …

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion
6 months ago

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

Associated Press  

WASHINGTON — The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February. White House spokeswoman Karine Jean-Pierre, said in a statement that the report “is further evidence of the need for Congress to pass President Biden’s Budget to reduce the …

Both sides of politics have decided to increase the cost of government, but no one wants to admit that means taxes must rise
7 months ago

Both sides of politics have decided to increase the cost of government, but no one wants to admit that means taxes must rise

ABC  

Have you noticed how the political "debate" about the federal budget is almost exclusively conducted in terms of "yes, but they are/were worse!"? There is a rather depressing paucity of any weighting given in the discussion these days to what sort of condition the economy is in, what particular challenges it might be facing (the ongoing effects of a global …

PETER VAN ONSELEN: Here's the reality of the 2024 Budget for your hip pocket - now and in the years to come
7 months, 1 week 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 …

Here are seven charts to make sense of the Victorian state budget
7 months, 2 weeks ago

Here are seven charts to make sense of the Victorian state budget

ABC  

The Victorian government handed down its budget for 2024-25 yesterday. When analysing these figures together, we can see Victoria's debt will reach 24.4 per cent of its economy in the next financial year. Goal to reach budget surplus by June 2026 The Victorian government not only predicts a reduction in the debt ratio — it's forecasting a budget surplus. The …

Federal budget to haul in extra cash once again, but less than in previous years
7 months, 2 weeks 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 …

Biden unveils a budget that would cut costs for families and hike taxes for the rich
9 months, 2 weeks ago

Biden unveils a budget that would cut costs for families and hike taxes for the rich

NPR  

Biden unveils a budget that would cut costs for families and hike taxes for the rich Enlarge this image toggle caption Kevin Dietsch/Getty Images Kevin Dietsch/Getty Images The White House unveiled a new $7.3 trillion federal budget proposal on Monday, a plan that would hike taxes on billionaires and large corporations to pay for programs that would cut costs for …

Budget 2024: 5 key changes we can expect this year
10 months, 3 weeks 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 …

US budget gap soars to $1.7 trillion, largest outside COVID era
1 year, 2 months ago

US budget gap soars to $1.7 trillion, largest outside COVID era

Live Mint  

The United States government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23 percent jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose. Taking into account the two one-off adjustments, last fiscal year's deficit would have been closer to $1 trillion and …

Tax Cuts Are Here to Stay—And So Are Exploding Budget Deficits
1 year, 3 months ago

Tax Cuts Are Here to Stay—And So Are Exploding Budget Deficits

Live Mint  

WASHINGTON—President Biden and Republicans are gearing up for a hyperbolic election-year battle over extending the 2017 law that lowered taxes for individuals and businesses. In his budget, Biden has already proposed extending Trump’s tax cuts for almost all households, and he has promised to avoid raising taxes on anyone making under $400,000. Contrary to claims that the tax cuts would …

As local governments spend billions in pandemic relief, some neglect to report specifics
1 year, 4 months ago

As local governments spend billions in pandemic relief, some neglect to report specifics

LA Times  

President Biden signed the American Rescue Plan shortly after taking office in 2021. The city, which was devastated in 2011 by one of deadliest tornadoes in U.S. history, took a deliberate approach with its pandemic aid to develop “really transformational projects,” said Leslie Haase, Joplin’s finance director. The actual amount of spending commitments is probably well over 80% when accounting …

More red ink: Congressional budget agency projects bigger deficits as debt talks continue
1 year, 7 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 …

What's in the budget? Here are some of the major measures we know about
1 year, 7 months ago

What's in the budget? Here are some of the major measures we know about

ABC  

Treasurer Jim Chalmers will unveil his second budget on Tuesday. The package will be spent over the next four years, and will include $1.5 billion in electricity bill relief for 5.5 million households and about 1 million small businesses. The federal government says it wants to make Australia a "renewable energy superpower" and late last week it announced a plan …

Cabinet minister Ed Husic says Stage Three tax cuts were an election promise that Labor will keep
1 year, 8 months ago

Cabinet minister Ed Husic says Stage Three tax cuts were an election promise that Labor will keep

Daily Mail  

The controversial Stage Three tax cuts - mainly benefiting the wealthy as millions get relief - are here to stay because they were an election promise, a Labor cabinet minister insists. Scroll down for audio A cabinet minister in Anthony Albanese 's Labor government is adamant the Stage Three tax cuts for the wealthy are here to stay because they …

Rise in debt costs could dash Budget tax cut hope
1 year, 9 months ago

Rise in debt costs could dash Budget tax cut hope

Daily Mail  

Problems: Chancellor Jeremy Hunt Hopes of a tax-cutting Budget have been hit by a recent jump in Government borrowing costs that threatens to blow a hole in the public finances. Chancellor Jeremy Hunt was in line for £30 billion more than forecast in the Autumn Statement three months ago due to falling energy prices, a stronger economy and lower debt …

CM asserts that 293 of the 390 Budget announcements made last year have been implemented
1 year, 10 months 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, …

GOP taking budget advice from Trump official who wants to cut $2 trillion from Medicaid
1 year, 10 months ago

GOP taking budget advice from Trump official who wants to cut $2 trillion from Medicaid

Salon  

This article originally appeared at Common Dreams. The right-wing official who served as budget director for the Trump administration is reportedly playing a significant advisory role for House Republicans as they seek to leverage a fast-approaching debt ceiling crisis to enact spending cuts that would disproportionately impact low-income households. According toThe Washington Post, former Office of Management and Budget chief …

Budget 2023. Economists Expect Budget To Focus On Strengthening Manufacturing, Creating Jobs: Report
1 year, 10 months 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 LIVE News Updates: FM Sitharaman Likely to Increase Defence Allocation
1 year, 11 months ago

Budget 2023 Expectations LIVE News Updates: FM Sitharaman Likely to Increase Defence Allocation

News 18  

The Union Budget 2023-24, which is all set to be presented on February 1, is coming at a time when major economies across the world are facing uncertainty and are, as per various agencies, likely to face recession this year. Their budget expectations in this regard is very high because this will be the last full budget of the incumbent …

Federal COVID aid OK’d to pay for roads, natural disasters
1 year, 11 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 …

Report: California likely to have $25 billion budget deficit
2 years, 1 month ago

Report: California likely to have $25 billion budget deficit

Associated Press  

SACRAMENTO, Calif. — California will likely have a $25 billion budget deficit next year, state officials announced Wednesday, ending a run of historic surpluses and acting as a warning to other states about a potential recession. “While we’re in fact better prepared, that doesn’t mean that the decisions to close the coming budget gap won’t be difficult — particularly if …

Federal budget 2022: Winners and Losers
2 years, 2 months ago

Federal budget 2022: Winners and Losers

ABC  

After 10 years out of government, Treasurer Jim Chalmers has delivered Labor's first budget since its election victory in May. Winner: Families One of the centrepieces of the government's budget — and its election campaign — is its $4.7 billion spend on child care over the next four years. $1.7 billion over six years will be going towards women's safety …

Forecast cost for stage 3 tax cuts rises by $11 billion
2 years, 2 months ago

Forecast cost for stage 3 tax cuts rises by $11 billion

ABC  

Treasurer Jim Chalmers says the forecast cost of the stage 3 tax cuts has risen and will now cost the nation around $254 billion over 10 years. Key points: The stage 3 tax cuts were supposed to cost around $243 billion Treasurer Jim Chalmers says the tax cuts will not come into effect for a few years and the budget …

Biden’s budget plan: Higher taxes on rich, lower deficits
2 years, 8 months ago

Biden’s budget plan: Higher taxes on rich, lower deficits

Associated Press  

WASHINGTON — President Joe Biden announced 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. Appearing at the White House with his budget director Shalanda Young, Biden said the proposal sends a clear message to the public about “what we value.” …

Out of the Frydenberg and into the fire ahead of the budget, with debt and deficits for at least another decade
2 years, 8 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 …

Federal budget 2022: Aussies miss out on early tax cuts but fuel duty cut considered as petrol soars
2 years, 9 months ago

Federal budget 2022: Aussies miss out on early tax cuts but fuel duty cut considered as petrol soars

Daily Mail  

Australian full-time workers will miss out an early income tax cut in the federal Budget later this month - as the government spends more tax funds on cost of living payments to help people cope with soaring prices. Stage one increased the upper threshold for the 32.5 per cent personal income tax bracket from $87,000 to $90,000. Stage two, due …

Minnesota budget officials project huge $7.7 billion surplus
3 years 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 …

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021
3 years, 2 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 2021 debt and deficit departs from the Coalition's small government beliefs
3 years, 7 months ago

Budget 2021 debt and deficit departs from the Coalition's small government beliefs

ABC  

Is this an election year budget, a case of good old pork barrelling to get a government with a sliver of a majority across the line, or something far more significant? Despite all the assurances of budget surpluses and fiscal rectitude, the Coalition never once delivered, with ongoing deficits, spending at around 25 per cent of GDP and a doubling …

Here's your summary of the highlights in the 2021 federal budget
3 years, 7 months ago

Here's your summary of the highlights in the 2021 federal budget

ABC  

The government will be far happier to deliver this budget than the one it was expecting to have to hand down a year ago. The key numbers: The budget is $106 billion in deficit this year, with deficits forecast for the next decade The biggest spend is $17.7 billion on improving aged care, in particular funding thousands of extra home …

Austerity to continue for many public services as Budget makes further £4bn of cuts
3 years, 9 months ago

Austerity to continue for many public services as Budget makes further £4bn of cuts

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy …

The budget got its growth focus right but challenges still remain
3 years, 10 months 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 …

Budget 2020 has been a gamble for the Government — and it could backfire
4 years, 2 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 …

Federal Budget to include cash payments worth $500 for aged, family and disability welfare recipients
4 years, 2 months ago

Federal Budget to include cash payments worth $500 for aged, family and disability welfare recipients

ABC  

Aged, carer, family and disability welfare recipients will receive $500 in cash payments in the next five months, in a move the Federal Government hopes will stimulate the Australian economy. Key points: Cash payments will be paid in December this year and March, 2021 Both payments will be $250 The payments are part of the Federal Budget, which was delayed …

Government braces for massive deficit as tax cuts, spending set to be outlined in coronavirus Budget
4 years, 2 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, 2 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 …

Federal Budget will bring forward tax cuts as part of coronavirus response
4 years, 2 months ago

Federal Budget will bring forward tax cuts as part of coronavirus response

ABC  

Millions of Australians will have more money in their pockets within weeks, as the Federal Government plans to bring forward and supercharge tax cuts in Tuesday's Federal Budget. Key points: The Budget will bring forward income tax cuts scheduled for 2022 The Budget will bring forward income tax cuts scheduled for 2022 The plan will cut taxes for anyone earning …

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