Federal budget open thread

A thread for discussion of the federal budget, along with the federal anything-else.

As I type, Treasurer Scott Morrison is lifting the lid on the 2016/17 budget. Discuss and argue the toss here (or indeed, discuss anything else related to national affairs).

Author: William Bowe

William Bowe is a Perth-based election analyst and occasional teacher of political science. His blog, The Poll Bludger, has existed in one form or another since 2004, and is one of the most heavily trafficked websites on Australian politics.

284 comments on “Federal budget open thread”

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  1. Confessions

    Thank you for sparing me that. She was my superior and corrected any deviations on my part from a good leftist position on the Sydney housing situation. lol.

    And i get more left wing the older I get.

  5. I am not asking how long can the Canberra press gallary float that boat; can they float it is the question?
    Tax cuts for companies.
    Tax cuts for the rich.
    Budget emergancy?
    Beyound belief.

  12. One prediction: under a Turnbull government, the ATO will be as successful in enforcing the “Google tax” as ASIC has been in enforcing the law on banks and other financiers.

  13. So thinking a little more about Morrison’s PATH policy for young job-seekers like me, I’ve started wondering that allowing companies to give internships to people like me en masse might be highly abused and possibly be illegal in some cases.

    This video is from an American perspective, but the law in regards to internships there is similar to ours:

    https://www.youtube.com/watch?v=wh2JyX9cxos

  16. Millenial,
    Same goes for the UK I think. Young unemployed people are going to become crap job cannon fodder.

  18. Geez, if the Libs thought there’d be dancing in the streets, then they need to hire better soothsayers.

    “Turnbull’s Tradies”?

    FFS!

  19. The Piping Shrike ‏@Piping_Shrike 13m13 minutes ago
    The Piping Shrike Retweeted Sky News Australia
    So the Budget’s masterstroke is to not do very much. Brilliant.

  22. From Lenor Taylor …. almost identical to Ross Gittens ” it’s just a check list”

    “So in the end Morrison’s budget is unusual for trying to tick every box, for trying to do so many different things at the same time that it risks not making much of an impact. That’s almost certainly not what Morrison meant, or what he would want a few days out from an election campaign.”

    Maybe the grand plan is to put everyone to sleep just like Bob Menzies did.

  23. Those projected Growth figures of 4.5%, 5% and 5% going forward are simply delusional on Morrison and Treasury’s part.

  24. Speers on Sky asks Scrott about the “decisions taken but not yet announced in the budget” . Scrott’s answer started of with “Well well well the the the the announced measures are…”. Convincing or what ? 😆

  27. “Jobs and growth” is a slogan, not a plan. Its purpose is to create the illusion of a busy, striving government and divert attention from the lack of progress in achieving the much-promised return to budget surplus.

    It goes along with “innovation”, “most exciting time to be alive”, “30 minute cities” and all the other meaningless slogans that Turnbull will continue to recite prior to the election.

  28. Bowen is really on top of his game these days – becoming very secure in his grasp of the detail. Nailing it with Speers on Sky at the minute.

  29. Alan Kohler: “(The Coalition) haven’t dealt with Spending.”

    “Unless GDP grows the Deficit is just going to blow out!”

  30. Just so that people are aware (and don’t become confused when we get to a second page), it currently seems that earliest to latest pages are ordered highest to lowest, respectively, in page number. e.g. the latest page in time is always 1.

  31. From July 1, 2017, there will be a $1.6 million cap on the amount that can be transferred from a super accumulation account into a retirement account, where earnings are tax-free.
    People with more than $1.6 million in super will be allowed to keep their excess savings in super, they just won’t be able to funnel any more than $1.6 million into the even more generous tax settings of a self-funded pension.

    This is odd.

    so, i retire and take out $1.6M and get a tax free income.

    But, as i am a rich bastard, i leave the other couple of mill or so in super, where it earns and i only pay `15% on the earnings.

    And after i have run down the $1.6M thats earning tax free spending dosh, i take another mill or so out of super and into a pension that i dont pay any tax on and the rest keeps getting taxed at a concessional rate of 15%…….

    I think i like the ALP plan of just taxing earnings over a $75000 limit (or whatever) at 15% better.

  32. From the Budget last year;

    TAX EVASION

    The target will be 30 companies that book sales overseas in low-tax or no-tax nations
    The government will also give the Australian Tax Office an extra $11.3 million over four years to implement new transfer pricing documentation standards
    The ATO will get new info on large companies that give details on their tax affairs including a country-by-country report
    The government is also working with business to develop a new voluntary code that will give public disclosure of their tax affairs.
    As announced before budget night the government is targeting multinationals with over $1 billion in revenue by strengthening anti-avoidance laws.

    http://www.smh.com.au/business/federal-budget/federal-budget-2015-your-fiveminute-budget-summary-20150512-1mzhu0.html#ixzz47aYsGqKi

    Tom.

  33. Much better reading the reaction on this blog and social media than having to put up with Morrison and sundry commentators like Annabel.
    Sounds like most of the CPG isn’t even buying it.

  35. Those projected Growth figures of 4.5%, 5% and 5% going forward are simply delusional on Morrison and Treasury’s part.

    There is that. And the small bossiness “definition ” stuff is just silliness.

  37. Chris Bowen….
    This is a budget that develops a very dangerous trifecta, underfunds schools and hospitals but also sees the budget deficit blow out yet again. It has now tripled compared to this government’s first budget.

    It is a budget which also delivers an uncosted and unfunded 10-year, large corporate tax cut plan, which is not affordable for the nation and which puts more pressure on the budget, which we will not be supporting.
    ABC drop kick ….
    Q: You have a bit of a hide, haven’t you, being a Labor treasury spokesman to complain about deficits?

    No bias here , none at all

  38. This budget may have the slightest gloss for about 2 days as the usual MSM suspects polish the turd but it won’t take long as people work out the detail to sink like a stone.
    Di Natale made the very good point that people like him will receive two tax cuts in the next 12 months whilst those earning less than 80k won’t get a cracker.

  39. First Dog may have nailed their biggest problem with this budget.

    “it doesn’t undo and of the cruel 2014 stuff, but it doesn’t really do anything else either.”

  43. Scott M’s has a degree in Applied Economic Geography. What is this and does it explain anything about this budget?

  45. This budget may have the slightest gloss for about 2 days as the usual MSM suspects polish the turd but it won’t take long as people work out the detail to sink like a stone.

    From the reaction of the press so far, i think gloss for 2 days is optimistic for the coalition. Its not the MASSIVE disaster of the 2014 Budget, but its not an election winner. Shortens reply speech becomes very important now.

  48. It will be interesting to see just how much coverage this gets in Sydney and Brisbane, as the Parramatta Eels NRL salary cap scandal will take up a lot of media space over the next few days, and something as dry as the federal Budget (especially this one) may struggle for traction.

  50. Scott M’s has a degree in Applied Economic Geography. What is this

    Bollocks.

    and does it explain anything about this budget?

    Probably why its shaping as a FAIL.

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