Dose

The Budget

111 posts in this topic

Thoughts?  I am horrified.   Bring back Howard.  At least you knew where he was going.

 

Tax everything productive but spare rent-seekers.

 

I can never vote for these idiots again.  

 

Labor, neither.  

 

I despair.

 

 

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Even the tax on higher income earners (such as me) are temporary.

 

The retreat from health and education spending are a precursor to higher/more broad based GST to fund the devolvement of said funding to the states.

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3 years.  Temporary, I suppose.  Pass the cigars.

 

The pundits are banging on about "structural change".  

 

Loss-making landlords laugh,  sick folks pay more.  

 

To my simple self it is just that simple.

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You need to be thinking about not what your country can be doing for you but what you can be doing for your country. 

 

In orwellian double speak simple means complicated. 

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I applaud the commitment to reducing the deficit. However, I'm not convinced by the implementation.

 

They seem to be nailing low-income earners, leaving the middle largely untouched and gently paddling the bottoms of the high earners.

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I applaud the commitment to reducing the deficit. However, I'm not convinced by the implementation.

 

They seem to be nailing low-income earners, leaving the middle largely untouched and gently paddling the bottoms of the high earners.

 

I declare a conflict of interest here because apart from the putsch, I don't think I will suffer unless they discover exactly how incompetent I and Ms clown are. In fact, I'm planning on a huge campaign of buying up cheap Canberra properties for three years hence when they will go to the moon. 

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The main thing is that boomers haven't been troubled...

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That is a good point but let the record show my last vote was spoiled and prior three went to each of Libs, Lab and Vert. I am fighting cd as best i can!

This collection is useless. Individually and collectively. It is now hopeless. Donkey vote of last resort.

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The main thing is that boomers haven't been troubled...

Rent seeker joe defends the home turf!

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Rent seeker joe defends the home turf!

 

Salt of the earth these folks...

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CliveFPalmer from the PUP website http://palmerunited.com/
"This is a heartless and cruel budget that will cause many Australians undue pain & all based on a fairy tale about a debt crisis".
 

I assume that Labor and the Greens will not support this budget. I would suggest to Clive Palmer, that his partty joins with Labor and the Greens to block the budget. A double dissolution would be rather advantegeous for the Palmer United Party. The Liberals need to be reminded that they do not control in the Senate.

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I expect this to happen to university tuition costs here:

 

20121201_USC536.png

 

This is exactly what happens when you allow universities to charge what they want while making credit easier to access (similar to the housing market, no?).

 

I also expect to see the more prestigious universities being able to charge a lot more than the rest. A pity IMO, previously kids got into their course of choice at the best universities by having the highest OP's, now they will get in based on whether they can afford it.

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And TAFE is going up in price too. The stupid gollum-like smirk on Tony's face while the TAFE loans were announced ... is he too stupid to realise that TAFE prices will increase by the amount of the loan (or more), or is he evil and that was his intention?

 

Look for TAFE's to follow universities and add layers of useless bereaucracy and give big salary increases to their "administrators".

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I've come to the point where I really don't give a sh*t anymore and would jump at the opportunity at moving abroad (at least my work) if the situation suited.

 

But, given I'm home sick today I'd thought I'd do my own checklist based on the ABC winners and losers:

 

http://www.abc.net.au/news/2014-05-13/budget-winners-and-losers/5433178

 

Foreign Aid LOSER - no impact to me, blah blah.

Defence WINNER - no impact to me, blah blah (have a mate who does independent defence contracting so hope he scores big time like Halliburton).

Families LOSER - minimal impact. I don't receive FTB; petrol excise is a minimal increase but can come down from 98% octane; GP co-payments, meh big deal, I pay full for my son already; Newstart/New Allowance no impact to me.

Medical Research WINNER - no impact to me, blah blah.

Senior Citizens LOSER - no impact to me, blah blah. I don't expect pensions to be around in 30-40 years anyway.

Education LOSER - may rise as Mrs Medved is studying part-time. It is at HECS level not full-paying so is already subsidised.

Health LOSER - minimal impact, blah blah.

Public Service LOSER - no impact to me, blah blah.

Unemployed LOSER  - no impact to me, blah blah.

University Students LOSER - see Education.

People with a Disability LOSER - no impact to me, blah blah.

High Income Earners NEUTRAL - no impact to me, blah blah (currently earn less than 180k/year).

Infrastructure WINNER - no impact to me, blah blah.

Low Income Earners LOSER - no impact to me, blah blah.

Mining WINNER - no impact to me, blah blah.

Public Broadcasting LOSER - no impact to me, blah blah.

Private Sector NEUTRAL - no impact to me, blah blah.

 

So really not too many impacts to the Medved household.

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They could have had the b@lls to allow negative gearing on new dwellings only and grandfather existing purchases and still make substantial savings in tax payers money wasted on that black hole that discriminates on private home owner. But I guess there are too many donations from property developers that need to be repaid!

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Indeed!  If there was ever a Budget event enabling the opportunity to go after NG this looks to have been the one.   Here forevermore?

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If I believed that this 11bn of infrastructure spend was new funding I'd say I was a winner. Given the projects spruiked last night by hockey are already started I cannot see how it is?

The 180k rule panicked me for a minute as this fy is the only one I'm likely to earn materially more than this ever so surprise surprise bring out the levies!!! Ie 2percent on every dollar earned if you earnt say 240k. It appears though 1. It starts next fy and 2. It is an increase in the marginal tax rate for over 180k income. Ie on 240k you pay an extra 1200 dollars not 4800!!!

The family tax benifit part b change would have hurt (by around 1k) a while back but not anymore. Still I can see some will struggle. A single earner on say 105k with young kids and a bit of mortgage debt won't like this at all.

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It appears though 1. It starts next fy and 2. It is an increase in the marginal tax rate for over 180k income. Ie on 240k you pay an extra 1200 dollars not 4800!!!

Correct. The media are reporting 'an extra 2% tax' for those on incomes over $180k but then their examples indicate it is not on the first $180k as you say eg $200k =$400 tax. 

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No sooner than the budget was released every commentator mentioned this rise to gst idea?

I don't think it will ever get up unless the wa economy totally tanks. At present projections in a few years wa will get nearly no gst revenue? Why would they endorse raising it? It needs every state in board to get a raise up?

I guess it could be part of a reallocation but then states like tas wouldn't vote for it because they will end up not in front with a raise?

When Howard introduced gst it was made deliberately very difficult to change with a 100percent endorsement required. With the complex way it gets allocated I suspect at any given time it will be a difficult prospect to move it.

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No sooner than the budget was released every commentator mentioned this rise to gst idea?

I don't think it will ever get up unless the wa economy totally tanks. At present projections in a few years wa will get nearly no gst revenue? Why would they endorse raising it? It needs every state in board to get a raise up?

I guess it could be part of a reallocation but then states like tas wouldn't vote for it because they will end up not in front with a raise?

When Howard introduced gst it was made deliberately very difficult to change with a 100percent endorsement required. With the complex way it gets allocated I suspect at any given time it will be a difficult prospect to move it.

 

If the States need to make ends meet as a result of a reduction in Federal monies for health & education, then it will be either GST or other tax increases/levies that will need to be implemented by the states. The alternative of course is a reduction in government services. It will be interesting to see which option the states choose.

Edited by cobran20

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If the States need to make ends meet as a result of a reduction in Federal monies for health & education, then it will be either GST or other tax increases/levies that will need to be implemented by the states. The alternative of course is a reduction in government services. It will be interesting to see which option the states choose.

Colin Barnett was on the radio maybe 3montgs back saying wa will receive only 20percent of the gst raised back within 3years.

So they will never sign up to raising say another 5bn in gst revenue on their population to only receive 1bn into their states revenue for it.

As crappy a tax as it is, They would be better off raising payroll tax, at least they would then get all the revenue raised.

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