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 there is a plan in place to slow down the growth and get the deficit under control. What won't be in the budget Then-treasurer Joe Hockey made major changes after Tony Abbott became prime minister in 2013 after almost six years of Labor governments. Tax concessions on superannuation, which ensure the vast bulk of Australians pay just 15 per cent rather than their marginal tax rate, cost the nation more than $10 billion annually.

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History of this topic

Budget 2024: The chart that reveals the Budget’s real winners – and who will be hit hardest
1 month, 3 weeks ago

Budget 2024: The chart that reveals the Budget’s real winners – and who will be hit hardest

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. open image in gallery According to the Office for …

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 …

Jim Chalmers's budget surplus was a surprise so where has the money come from?
1 year, 7 months ago

Jim Chalmers's budget surplus was a surprise so where has the money come from?

ABC  

It has been billed as the turnaround of the century. Suddenly, that's magically transformed into a $4.2 billion surplus for this financial year, the first time we've seen federal budget black ink since 2008, when Treasurer Jim Chalmers was then-treasurer Wayne Swan's brains trust. If you can believe the forecasts — and let's face it, just a few months back …

Budget 2022: Treasurer details budget in Press Club speech, after yearly inflation hits highest point since 1990 — as it happened
2 years, 1 month ago

Budget 2022: Treasurer details budget in Press Club speech, after yearly inflation hits highest point since 1990 — as it happened

ABC  

This question comes from David Crowe at the Sydney Morning Herald and The Age. Or do you actually have levers that can change those outcomes this financial year, 20% on each of those factors? Here's part of the treasurer's answer: I think one of the things that's been lost in this conversation about the first of those electricity price forecasts …

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 …

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 …

Budget deficits may sound like a bad thing, but they can help keep a struggling country afloat
4 years, 4 months ago

Budget deficits may sound like a bad thing, but they can help keep a struggling country afloat

ABC  

It's easier to understand something when you've personally experienced it. Howard years marked by high tax revenue The Howard Government recorded those 10 budget surpluses because it repeatedly collected more taxes from the community than it was spending on services and programs. The tax-to-GDP ratio in the Howard Government's last budget was 25 per cent, but in the Rudd Government's …

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