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 Fabulous Budget Bonanza for all Australia

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Patriot



Posts : 142
Join date : 2018-08-14

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PostSubject: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 12:02 pm

What a Shorty killer for the Libs who will bring down an Australia saving brilliant BUDGET next year as a shoe in to win the election.

It is enough to make Soggy Shorty who has the charisma of roadkill to turn up his toes in disgust.






Revenue growth allows Treasurer to forecast bigger surplus
Marnie Banger 10:02am, Dec 17, 2018 Updated: 2h ago

Fabulous Budget Bonanza for all Australia 1545001090-20181205001374798752-original-960x540
The budget has been buoyed by strong employment growth and corporate tax receipts. Photo: AAP

Treasurer Josh Frydenberg expects the federal government to deliver a budget surplus of $4.1 billion in mid-2020, almost double the $2.2 billion projected in the May budget.

He is also forecasting a smaller deficit of $5.2 billion in the current financial year, more than half the original forecast of $14.5 billion deficit for 2018/19.

The improvements – outlined in a budget update published on Monday – come after the government has raked in more revenue than expected, buoyed by strong employment growth and corporate tax receipts.

Tax revenue will be $7.2 billion higher than forecast in 2018/19, while non-tax receipts will be $1.2 billion higher, bringing total revenue to $482.1 billion.

The other side of the ledger has also been contributing to the results, with the government making fewer payments.

Since the May budget, total payments have decreased by $1.3 billion for 2018/19 and by $3.5 billion over the four years to 2021/21.

The mid-year economic and fiscal outlook confirmed Australia’s economic strength, Mr Frydenberg said in Canberra.

“These are the welcome dividends of sound budget management and the government’s plan for a strong economy,” he said.

After the $4.1 billion surplus in 2019/20 the coalition expects to deliver more surpluses – of $12.5 billion in 2020/21 and $19 billion in 2021/22.

The government’s predictions for the economy have also been revised, with growth expected to be 2.75 per cent this financial year, before speeding up to three per cent in 2019/20 and staying at that pace for the following two years.

The unemployment rate is projected to remain at five per cent this year, and stay that way up until mid-2022.

But the government has trimmed its wage growth forecasts by 0.25 per cent for this financial year and the next.

It’s expecting 2.5 per cent wage growth in 2018/19 and three per cent in 2019/20.

“In Australia, as in other advanced economies, the response of wages to improving labour market conditions had been slower and more muted than in past cycles,” the budget update states.

The statement also outlines the costs associated with policies introduced since the budget in May.

A huge boost to funding for aged care services up to 2021/22 – totalling $552.9 million – was announced on Monday.

The windfall includes money to help an extra 10,000 older people with high-level care needs get support at home.


https://thenewdaily.com.au/news/national/2018/12/17/myefo-budget-surplus/

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Patriot



Posts : 142
Join date : 2018-08-14

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 12:15 pm

And if Labor+Greenies get in they will trash this surplus in seconds with their Socialist stupidity.
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The Grappler



Posts : 33
Join date : 2018-07-17

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 4:01 pm

"Budget"! What a hoot - a 'budget' is a forward estimate based on fairy dust of what might occur in a year's time, and is usually delivered by politicians mounted on golden unicorns and blowing party trumpets loudly... usually it ends up as solid as the promise of a Fairy Godmother.... but in an emergency Santa Claus may deliver it using Elf runners around the nation...

Get back to me in twelve month's time about the actual performance from the 'budget'....
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Patriot



Posts : 142
Join date : 2018-08-14

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 4:34 pm

Heavens! Is the venerable grappler grappling with the uncomprehendible over here as well as over there ?
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The Grappler



Posts : 33
Join date : 2018-07-17

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 5:04 pm

Gave yourself away there - you're no patriot.. I am - you're not.

I am well aware that most subjects are way beyond your comprehension.....
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Patriot



Posts : 142
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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 5:43 pm

Keep grappling there you never know what might turn up.
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The Grappler



Posts : 33
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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 6:28 pm

Or who...... I noted some familiar names here....
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Veritas

Veritas

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 6:36 pm

Better to contemplate a probable surplus than a certain spending spree leading to more debt and deficit.

Labor Spends...  Liberal Mends....   it has ever been thus.

With the odd what... 1 exception... the Coalition have been in government 3 times as many as Labor. I'd hate to think where we'd be if it was the other way around? Banana Republic?
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The Grappler



Posts : 33
Join date : 2018-07-17

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 9:40 pm

At the moment it looks more like "Liberal Borrows - Labor Cannot Pay It Back"..... so Liberal blame Labor for what they created....

How things change in the real world outside of slogans.

We have been a banana republic for many years now - since the early 1990's... relying on resource ripoff by offshore vultures and living off their table scraps like any banana republic.

Time to do a Castro and take back the nation, and the asylum....
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Veritas

Veritas

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 11:40 pm

The Grappler wrote:
At the moment it looks more like "Liberal Borrows - Labor Cannot Pay It Back"..... so Liberal blame Labor for what they created....

How things change in the real world outside of slogans.

We have been a banana republic for many years now - since the early 1990's... relying on resource ripoff by offshore vultures and living off their table scraps like any banana republic.

Time to do a Castro and take back the nation, and the asylum....

Actually it's not its more like Labor locks in debt and Liberals have to find a way to get out of it as per usual... history ya know. The vast majority of Australian political history... Following Whitlam, Keating, Rudd/Gillard/Rudd... most recently
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The Grappler



Posts : 33
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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyMon 17 Dec 2018, 11:43 pm

So the Liberals borrow to get out of debt? dead horse
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Veritas

Veritas

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyTue 18 Dec 2018, 12:58 am

They are not out of Labor debt yet.
Deficit is not debt... you need to create a surplus before you can pay down debt.

NDIS was never funded.
NBN was never fully funded.

Both are Labor burdens
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Veritas

Veritas

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyTue 18 Dec 2018, 1:00 am

Don't believe me?
Some more useful reading...

https://www.smh.com.au/opinion/how-labor-booby-trapped-australias-future-20131215-2zf8y.html
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Patriot



Posts : 142
Join date : 2018-08-14

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyTue 18 Dec 2018, 5:37 am

The boring old Grappler is still the hard core Lefty mindlessly trotting out the trash that GetUp! pumps him up with.

The Labor "Conference" is just Greeny controlled imbeciles tossing around unfunded Socialist trash.

You will notice that all the Labor "ideas" are about SPEND SPEND SPEND.

With not a thought about earning local and foreign income to increase the wealth of the Australian economy.

So how do the Labor imbeciles propose to pay for their unfunded Socialist garbage ? Aha everyone knows how Labor "earns" its money - borrow BORROW BORROW!!!!! and create another humungeous DEBT.

And Labor has confirmed it will RESTART the BOATS and this time the illegal invaders will also come from the south via NZ with the help of the NZ Talking Horse.

And the overpowering mad as cut snakes Extremist Greeny influence now controlling Labor is seen as Bulldust Billy says he supports the desexing of everything and everyone.

Bulldust Billy seems to be determined to sink Labor without a trace at this silly Labor pow wow.


And is there NO LIMIT to Labor's Traitorous Treason in their Greeny led quest to reduce Australia to a primitive multicultural agrarian cesspool such as you would see in parts of Africa

Fabulous Budget Bonanza for all Australia 48367562-2420082188033151-5260027979051827200-n.


And Bulldust Billy is recycling the past Labor Failures at their ridiculous gathering of the galoots.

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The Grappler



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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyTue 18 Dec 2018, 8:21 am

Why do they permit you here?
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Veritas

Veritas

Posts : 627
Join date : 2018-07-17

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyTue 18 Dec 2018, 9:22 am

Oh dear why would any Australian government worth its salt, give any money to the UN?

More on the debt...

Quote :
Despite itself, Coalition delivers on the economy
December 17, 2018

The sobering news on the agreeable numbers released in yesterday’s mid-year economic and fiscal outlook is that the return to surplus, tantalisingly close as it is, will not end a process but herald a new phase. A little more than a decade ago the Howard government had eradicated net public debt and stashed money in the bank. Now, after a record decade of deficits, net debt is more than $354 billion but should have peaked. Only now, with sizeable surpluses to come, can repayments and economic growth reduce that debt burden to a manageable size, lessening the nation’s vulnerability to the next external shock. MYEFO says net debt will fall from 18.2 per cent of gross domestic product this year to 14.3 per cent three years later, and that in a decade net debt will fall to 1.5 per cent. That would complete budget repair and help to future-proof the economy.

Those points of context and caution made, there is no escaping the good news in MYEFO. The figures represent a dividend for the government and the nation. The driving force improving the outlook since the budget — shrinking this year’s deficit from $14.5bn to $5.2bn and boosting next year’s surplus from $2.2bn to $4.1bn — is revenue growth. But the benefit has come because the Coalition has constrained its spending and been more conservative in its revenue forecasts, two standards of prudent fiscal management that Labor ignored in government. When Wayne Swan announced four budget surpluses in 2012, parliament broke out in laughter.

But no one doubts Josh Frydenberg’s predicted surplus for next year. The recovery is real. Company tax revenue is up as losses are washed out of the system and profits are taxed; despite sluggish wage growth, income tax revenue is up from record numbers of people in work; and with the jobless rate at 5 per cent, the welfare bill is contained. MYEFO forecasts a string of surpluses across three years totalling $30bn — double budget predictions.

The Coalition’s political benefit is immense. Despite often elaborate and absurd efforts to damage its standing through personal scandals and internal divisions, the government is delivering on its prime economic objectives. Scott Morrison’s credentials are enhanced, given his pedigree as the minister who secured the nation’s borders before becoming treasurer and then Prime Minister. Apart from underpinning the government’s case with solid outcomes, Mr Morrison and his Treasurer have allowed themselves $10bn of spending and forgone revenue across the forward estimates. Most of this is likely to go in pre-election tax cuts, accentuating the contrast between a Coalition focused on growth, tax reductions and spending restraint, and a Labor opposition intent on increasing taxes and spending while tinkering with wealth redistribution.

The looming grey cloud is the falling real estate market, but this risk could bolster the Coalition’s case because Labor’s changes to tax concessions will dampen housing investment. For all its polling strength, Labor’s economic record is its greatest weakness while the Coalition’s superficial chaos has not diminished its economic success.

Oh and one more thing... it's great to finally see someone with a real understanding of economics in the position of Treasurer... at least you know he actually understands what it is he is saying at press conferences.
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Veritas

Veritas

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PostSubject: Re: Fabulous Budget Bonanza for all Australia   Fabulous Budget Bonanza for all Australia EmptyTue 18 Dec 2018, 9:59 am

Quote :
Economy on right track but risks call for cool heads to prevail
December 17, 2018

The state of the books revealed in yesterday’s mid-year budget update was the best in over a decade.

The underlying cash balance in 2018-19 is forecast to improve to a $5.2 billion deficit, about two-thirds lower than the budget estimate of $14.5bn in May. The 2018-19 deficit is now 0.3 per cent of GDP, one-tenth of the deficit of 3 per cent of GDP that we inherited from Labor in 2013-14.

The underlying cash balance for 2019-20 is now expected to reach a surplus of $4.1bn, almost doubling the surplus estimated for that year in the May budget. This will be the first budget surplus since the last year of the Howard government. It will increase to $12.5bn in 2020-21 and $19bn in 2021-22. The cumulative surpluses over the next four years will be $30.3bn, about double what was announced in the May Budget.

With surpluses rising to more than 1 per cent of GDP from 2025-26, real inroads into paying back Labor’s debt are starting to be made. From a figure of 18.2 per cent of GDP in 2018-19, net debt is projected to fall to just 1.5 per cent of GDP by 2028-29. A stronger balance sheet is important to provide the government with flexibility to respond to unanticipated events during times of financial crises or economic shocks.

The combination of a growing economy, with a record number of people in work, is helping both sides of the ledger, increasing our revenues while also decreasing our expenditure.

Importantly, the rate of spending growth under the Coalition is averaging 1.9 per cent, the lowest level of any government in 50 years. This is even after taking into account new spending commitments to support drought-stricken communities, schools and hospitals, and a new and fairer model for distributing the GST.

In accordance with our disciplined budget management, new spending has been offset by reduced spending elsewhere. Having a strong economy, as Australia does, is not an end in itself. Rather, it’s a means to a better way of life that delivers more opportunity and choice and the essential services Australians need and deserve.

Since 2013-14, hospital funding has increased by more than 50 per cent and in this budget update, the government is delivering an extra $1.3bn for a new Community Health and Hospitals Program which will provide specialist services for cancer treatments, drug and alcohol dependency, rural health and new hospital infrastructure. In addition, $176 million has been provided to deliver 30 magnetic resonance imaging machines and $1.4bn for new listings on the Pharmaceutical Benefits Scheme to treat a range of conditions including cystic fibrosis, lung cancer and cholesterol disorders.

There is also an additional $287m to bring forward the release of 10,000 home care packages, more than $100m to support the Royal Commission into Aged Care Quality and Safety and $111m to support older Australians in residential care facilities in regional areas and those at risk of homelessness.

Schools also received a big boost. More than $4bn of additional funding will go to non-government schools, including to support schools in drought-­affected areas. This funding is part of a $300bn-plus commonwealth com­mitment to government and non-government schools over the next 10 years. This represents a 74 per cent increase in funding per student for government schools and a 55 per cent increase in funding per student for non-government schools over this period.

However, there are risks to our prosperity, some within and some beyond our control. Trade tensions between China and the US are real and we call on cool heads to prevail. Commodity prices remain volatile and, at home, tightening credit conditions and the softening in the housing market need to be managed.

This is why Labor poses such a risk with its $200bn of new taxes, which will stifle growth, cost jobs and damage confidence. Whatever the question, for Labor the answer is always higher taxes. Its plan for a new housing tax, by abolishing negative gearing as we know it and increasing capital gains tax, could not come at a worse time for the housing market. With credit rating agencies already warning a sharp fall in house prices could increase risks for economic growth and financial stability, Labor’s policy is irresponsible in the extreme.

Its promises of bigger surpluses also cannot be taken seriously. We all remember Wayne Swan’s four invisible surpluses, including his first promised surplus in 2012-13 of $1.5bn which he turned into an $18.8bn deficit. When it comes to economic matters, Labor always thinks it’s unlucky in government. But the reality is it couldn’t even turn the best terms of trade in more than a century into a surplus.

Bill Shorten and Chris Bowen can’t even agree as to when their signature housing tax policy will start, creating even more uncertainty for the sector and putting a cloud over their own costings. Not to mention musings from a Senate hostile to Labor’s housing and retirees tax, which may force it into desperate tax grabs elsewhere to fund spending commitments.

While the mid-year update demonstrates that the Coalition government has been able to remain within the tax speed limit of 23.9 per cent of GDP, Labor’s approach will undoubtedly increase the total tax burden well beyond that. This week at the Labor conference, it walked away from a tax speed limit, saying a tax cap does not fulfil any useful economic purpose.

In other words, there are no limits to Labor’s future tax grabs. This will hurt the economy, and every Australian.

Yesterday’s budget update shows the Australian economy is on the right track, giving us much to look forward to. However, these results are no accident, and the hard-earned gains would be easily and quickly squandered should Australia revert to Labor’s high tax, high spend approach.

The Coalition has spent five years repairing Labor’s mess and there is nothing to suggest that Labor has learned any lessons from its past mistakes. With the Coalition at the helm, the Australian economy is in good hands.
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