TUESDAY, 6am: • Emma Griffiths, ABC: Budget 2015: What we know so far
Budget 2015 is shaping up to be a far different beast than last year’s broad-scale “budget repair job”, if early indications from the Prime Minister and Treasurer are anything to go by.
According to Tony Abbott, Joe Hockey will unveil a “dull and routine” budget on May 12 – one which will not seek to protect the federal coffers at the expense of the household purse.
But there will be changes.
The centrepiece “families package”, targeted at working parents paying for childcare, has largely been announced and will be detailed on Tuesday night.
As will a small business tax cut, which could lead to a two-tier tax system.
Pension eligibility rules will also be tightened, with tens of thousands of wealthier retirees set to lose access, and controversial plans to change pension indexing rules scrapped.
A possible spending slowdown for other welfare payments is also on the cards.
• Use the TT NEWS (top nav bar) for all the different comment/analysis from different news sources …
• Pete Godfrey: Well I had a quick look at the commentary, all in all I would say that the budget was designed like a wind sock, a vote catcher. I would say the best term for it is AdHoc.
• Karl Stevens in Comments HERE Senator Colbeck talks of a strong Australian forestry sector yet most of the major players are from overseas. The plantation industry is completely foreign owned and controlled. Australians are left with only the most basic haulage and chipping operations. I read Colbeck’s statement as just another pork barrelling announcement. Forestry R & D in Australia is a joke in my view. Aren’t these the same ‘scientists’ who created the worlds most expensive but useless trees? If their research is credible then why have so many people lost their wealth on MIS schemes? At the end of the day Senator Colbeck in only working for a foreign-born PM who knighted his own monarch’s husband in my view. This is very shoddy policy from very shoddy and dubious operators in my view.
• Pat Synge, in Comments: We are the second wealthiest country (per capita) in the world and the government has just cut international aid to the lowest level ever. Shame on the Abbott government.
• John Lawrence Mercury: Failing to find path to credibility PRIME Minister Robert Menzies was never pilloried for running 17 successive deficits and risking burdening my generation with onerous amounts of debt. Times, however, changed and deficits became taboo. The latest Federal Budget shows deficits are here to stay — even the uncertain projections of later years reveal deficits. The talk is now of having a creditable path to a surplus. Arguably, the more pressing need is to find a credible path to credibility. Never has there been such a radical shift from one budget to the next, from fixing a debt and deficit disaster to living with a wing and a prayer 12 months later. The Budget is predominantly a political reaction not an economic plan. The centrepiece appeal was to the hearts, minds and pockets …
READ JOHN LAWRENCE’S FULL ANALYSIS on his blog here:
• John Hawkins, in Comments: I am going to sell my Mercedes in the company books at $55,000 to the wife for $35,000 and then take the written down tax deduction of $20,000. I will then buy it back from the wife for $19,900 and write of the $19,900 against the business. Thank you Mr. Hockey.
BILL SHORTEN’S Budget reply …