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

A $100 billion budget black hole awaits whoever wins the election
2 days, 3 hours ago

A $100 billion budget black hole awaits whoever wins the election

ABC  

The federal budget deficit could be ten times larger than expected within a decade whoever wins the upcoming election, new analysis suggests, with neither major party offering voters a realistic solution to cope with growing pressure to spend. “In addition to being unrealistic, this approach creates uncertainty for households and firms.” Peter Dutton's budget reply speech suggested only modest differences …

Budget 2024: The chart that reveals the Budget’s real winners – and who will be hit hardest
4 months, 4 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
10 months, 2 weeks 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 …

Budget 2024: Jim Chalmers to deliver $9.3billion surplus... but there's bad news on the horizon
10 months, 2 weeks 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 …

Jim Chalmers's budget surplus was a surprise so where has the money come from?
1 year, 10 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, 5 months 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 …

Budget deficit shrinks in process of protecting jobs during the COVID pandemic
3 years, 6 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 …

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 …

The three factors you should pay attention to when Rishi Sunak unveils his spending review
4 years, 4 months ago

The three factors you should pay attention to when Rishi Sunak unveils his spending review

The Independent  

Next year the economy – and our lives – will move back to some sort of normality. On Wednesday, we will learn more about what the new normal will look like when Rishi Sunak unwraps the spending review for the new financial year starting next April. Revenue since the 1970s has been stuck in the range of 35-40 per cent …

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 …

Federal Budget to include cash payments worth $500 for aged, family and disability welfare recipients
4 years, 5 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, 7 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 …

Treasurer concedes coronavirus economic figures 'sobering' as Australia faces largest deficit in history
4 years, 10 months ago

Treasurer concedes coronavirus economic figures 'sobering' as Australia faces largest deficit in history

ABC  

The Federal Treasurer has outlined what he has dubbed a "sobering" economic outlook on a day when he had long hoped to deliver Australia's first budget surplus in more than a decade. Key points: The Federal Budget was due to be released on Tuesday but was delayed because of coronavirus Last year, the Government pledged it would deliver a surplus …

Why Scott Morrison and Josh Frydenberg should rethink the surplus
5 years, 1 month ago

Why Scott Morrison and Josh Frydenberg should rethink the surplus

ABC  

Sometimes, things just keep coming back to haunt you. As brutally honest as it was, former prime minister Paul Keating's quip "the recession Australia had to have" is still bandied about almost three decades down the track. Then there was treasurer Wayne Swan's promise to deliver a surplus in 2012, a commitment blown away by collapsing tax receipts. Bushfire cost …

Budget 2020: Will govt be brave enough to walk the extra mile, turn tables and spark a rebound in economic growth?
5 years, 2 months ago

Budget 2020: Will govt be brave enough to walk the extra mile, turn tables and spark a rebound in economic growth?

Firstpost  

The Indian economy is going through a sustained slowdown with growth slowing for over five quarters now, marking this the longest slowdown in the country since liberalisation The current economic situation is no less than a nightmare for policymakers, who have been trying to turn things around with policy actions and are now fast running out of policy ammunition. The …

Budget Mid-Year Economic and Fiscal Outlook predicts narrower surplus, falling revenue from drought
5 years, 3 months ago

Budget Mid-Year Economic and Fiscal Outlook predicts narrower surplus, falling revenue from drought

Daily Mail  

Australia's budget surplus has been slashed by $2.1billion amid fears the drought and falling iron ore prices could spark the first recession in 29 years. Treasurer Josh Frydenberg promised, in the April budget, a surplus would be delivered for the first time since 2007 - before the global financial crisis hit Australia The economic growth forecast for 2019/20 has also …

$1 trillion deficits and rate cuts: Washington’s upside-down response to economic prosperity
5 years, 8 months ago

$1 trillion deficits and rate cuts: Washington’s upside-down response to economic prosperity

CNN  

New York CNN Business — America’s economy is in a period of historic prosperity, but you wouldn’t know it from Washington’s policymaking. “But we’re not doing that, so we will be poorer in the long run because of it.” Kristina Hooper, chief global market strategist at Invesco, called Washington’s dual-pronged response to economic prosperity “bizarre.” “It’s almost Twilight-Zone economics. “It’s …

US deficit to hit record high, surpassing $1 trillion in 2019
5 years, 8 months ago

US deficit to hit record high, surpassing $1 trillion in 2019

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The new record, previously expected but …

Federal Budget 2019 — here's what to expect from Treasurer Josh Frydenberg
5 years, 11 months ago

Federal Budget 2019 — here's what to expect from Treasurer Josh Frydenberg

ABC  

The Federal Government will hand down its 2019-20 Budget tonight in what is widely being seen as a re-election pitch for the Coalition. Key points: There will be a cash handout to deal with rising power prices — $75 for singles and $125 for couples $600 million will be put aside for financial regulation in the wake of the banking …

Federal Budget 2019 shows Treasurer Josh Frydenberg is riding a gambler's luck
5 years, 11 months ago

Federal Budget 2019 shows Treasurer Josh Frydenberg is riding a gambler's luck

ABC  

Josh Frydenberg doesn't possess the outward swagger of a gambler. At least this time, for Mr Frydenberg, the trend appears to be his friend as deficits in recent years have narrowed dramatically, thanks to stronger-than-expected resource prices and population growth. So long as resource prices remain high, economic growth dramatically lifts, wages growth accelerates out the doldrums, inflation takes off, …

Budget 2019 today needs forward-looking ideas
6 years, 1 month ago

Budget 2019 today needs forward-looking ideas

Deccan Chronicle  

Governments are “lame ducks” in the last quarter preceding a general election. The target of 3.3 per cent will be achieved after some creative accounting — the CAG report 32 of December 2017, compliance audit under the Fiscal Responsibility and Budget Management Act 2003 for the 2015-16 financial accounts highlighted the need to plug accounting norms and gaps which encourage …

Budget 2018: Scott Morrison to introduce plan to scrap middle tax bracket in Parliament
6 years, 10 months ago

Budget 2018: Scott Morrison to introduce plan to scrap middle tax bracket in Parliament

ABC  

The bill to flatten the tax system so that only 6 per cent of taxpayers face the top rate will hit Parliament today. Key points: Scott Morrison says the Government is delivering on its promise to give a tax cut to lower and middle-income earners before big companies Chris Bowen refuses to say if Labor will vote for it Welfare …

Budget 2018: It's a carrot and stick budget for business
6 years, 10 months ago

Budget 2018: It's a carrot and stick budget for business

ABC  

Businesses are set to benefit from extended instant tax deductions, new infrastructure and public investment funds, but some will face tighter tax rules, tougher enforcement and a cut to research and development incentives. It hopes to raise an additional $2.5 billion for the budget bottom line over four years by investing $319 million for the ATO to beef up its …

Budget 2018: Scott Morrison gives tax system a shake-up in pre-election plan aimed at low-income earners
6 years, 10 months ago

Budget 2018: Scott Morrison gives tax system a shake-up in pre-election plan aimed at low-income earners

ABC  

Small tax cuts and more relief over the next seven years are at the heart of the federal budget, with a dramatic shake-up of the tax system beginning in July. Key points: Tax overhaul forms the main plank of the 2018 budget Big money also earmarked for older Australians, mental health and infrastructure spending Superannuation funds also targeted with ban …

Trump administration says it wants to wipe out US deficit in 10 years
7 years, 9 months ago

Trump administration says it wants to wipe out US deficit in 10 years

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. This is the first time “in a long time in which an administration has …

Federal Budget 2017: What it means for you
7 years, 10 months ago

Federal Budget 2017: What it means for you

Daily Mail  

First-home buyers will be able to salary sacrifice for a mortgage deposit as part of Treasurer Scott Morrison's second budget handed down on Tuesday night. Scroll down for video Scott Morrison is greeted by his daughters Lily, Abbey and his wife Jenny after delivering the Budget Treasurer Scott Morrison has announced first-home buyers will be able to salary sacrifice The …

Budget 2016: Scott Morrison unveils business, income tax relief in nip-and-tuck fiscal blueprint
8 years, 10 months ago

Budget 2016: Scott Morrison unveils business, income tax relief in nip-and-tuck fiscal blueprint

ABC  

Upper-middle Australia is set to reap the greatest rewards from the Turnbull Government's election eve budget, while high-income retirees are facing a surprise hit on their earnings. Key points: Wealthy retirees' tax free super capped at $1.6m 25 per cent flat company tax rate by 2026 New $10m turnover ceiling for small business tax breaks Tax receipts down $6.4b next …

Improve ease of doing business
9 years, 1 month ago

Improve ease of doing business

The Hindu  

The new government has already taken a series of progressive policy measures aimed at improving the business climate. To start with, he can broaden the tax base as only three per cent of the population pay taxes, that is, only 3.5 crore people out of 125 crore besides reducing the tax burden on existing tax payers. This is simply because …

Not a make-or-break budget
10 years, 1 month ago

Not a make-or-break budget

The Hindu  

Both India’s executive decision making and policy thought are on a roll. The last Budget followed a fiscal deficit target of 4.1 per cent of GDP — a clear challenge — and an aspiration to bring this lower. Finance Minister Arun Jaitley seems to be indicating comfort with a long-term target sub -3 per cent. Growth beyond the anticipated 6-7 …

Paul Krugman: Why deficit scolds actually love deficits
10 years, 5 months ago

Paul Krugman: Why deficit scolds actually love deficits

Salon  

This Wednesday, the Congressional Budget Office released its last Monthly Budget Review for fiscal year 2014. Deficit scolds like Simpson are reluctantly admitting that the hysterical predictions of imminent economic crisis they made a few years ago haven't come true, but the deficit-obsessed continue to insist that we're headed for a reckoning sooner or later. As Krugman points out, however, …

Budget 2013: Revenue deficit is India's Achilles heel, says Pronab Sen
12 years, 1 month ago

Budget 2013: Revenue deficit is India's Achilles heel, says Pronab Sen

Firstpost  

Among the untargeted subsidies, he would like to see the fuel and fertiliser subsidies being pared down. Containing the revenue deficit should be one of the top priorities of the budget, Pronab Sen, former principal economic advisor at the Planning Commission told Firstpost. Restoring the original spirit of the Direct Tax Code and stimulating investments in infrastructure are two other …

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