What a non event!!!
Not too much pain, that budget is all about ensuring political survival.
The 4.5% REAL GDP growth forecasts for the year after next are rediculous, way too optimistic.
Keeping the FHB grant for another 3 months, before tapering it off is also daft and just aimed at buying votes.
That's right, Sting. Even with that greater increase to single pensioners, the two payments are still inequitable. Consider that a single pensioner still has to pay the same rates, insurances, and almost the same electricity, water etc as a couple out of a benefit which is much lower than the couple benefit.Please correct me if im wrong, but I noticed the single pensioner increase is just over $30 a week but if your in a couple the increase is only $10 per week combined or only $5 a week ea. I wonder what the percentages are single as opposed to couples.
Yep. How stupid is this.With all the other changes to pensions ie the raising of the rate from 40cents in the dollar to 50 cents in the dollar that the pension reduces if you earn more han $138/fortnite for those working part time it wouldnt take much for pensioner couples where one of them works part time to be worse off ie if you earnt more than $119 a week you will be worse off.
Therefore I can see part time workes recieving a pension will be cutting back hrs as to not be worse off.
UBIQUE
Thought it may be appropriate to get a thread started so we can all comment on what changes are made and how it will affect each of us....regardless of all the so called leaked information....there is usually some really bad stuff in there that has not been leaked...
cheers
Not too much pain
Therefore I can see part time workes recieving a pension will be cutting back hrs as to not be worse off.
Concern that the welfare system discourages work has engaged a new consensus on the issue that includes Treasury secretary Ken Henry.
BUDGET SPEECH 2008-09 DELIVERED ON 13 MAY 2008 ON THE SECOND READING
OF THE APPROPRIATION BILL (NO. 1) 2008-09 BY THE HONOURABLE WAYNE SWAN MP
TREASURER OF THE COMMONWEALTH OF AUSTRALIA
Mr Speaker, I move that the Bill now be read a second time.
INTRODUCTION
This Budget is designed to meet the big challenges of the future.
It is a Budget that strengthens Australia’s economic foundations, and delivers for working families under pressure.
It is the responsible Budget our nation needs at this time of international turbulence, and high inflation at home.
A Budget carefully designed to fight inflation, and ensure we meet the uncertainties of the future from a position of strength.
A Budget with a $55 billion Working Families Support Package at its very core.
A Budget that begins a new era of strategic investment in Australia’s future challenges and opportunities.
And a Budget that helps plan, finance and secure Australia’s long-term national security and defence needs.
These are the commitments the Government gave to the Australian people at the election. Mr Speaker, this Budget honours those commitments.
The Government has made sure every single cent of new spending for the coming year has been more than met by savings elsewhere in the Budget.
Our commitments have been honoured by redirecting spending. Difficult spending cuts have helped fund our Working Families Support Package and our new priorities for the nation.
[size=+1]We are budgeting for a surplus of $21.7 billion in 2008-09, 1.8 per cent of GDP, the largest budget surplus as a share of GDP in nearly a decade.[/size] This honours and exceeds the 1.5 per cent target we set in January, without relying on revenue windfalls. [size=+1]It is a surplus built on substantial savings[/size] of $33 billion over four years, including $7 billion in 2008-09 alone.
And [size=+1]it is a surplus built on disciplined spending, with the lowest real increase in Government spending in nearly a decade; spending growth which is one quarter of the average of the previous four years[/size].
Mr Speaker, [size=+1]we need a strong surplus to anchor a strong economy[/size]; to do our bit to ease inflationary pressures in the economy; to build a buffer against international turbulence; and so we can fund ongoing long term investment in the ports, roads, railways, hospitals, universities and vocational education we need, to deliver growth with low inflation into the future.
ECONOMIC OUTLOOK
Mr Speaker, these are challenging times. Countervailing forces are creating high inflation at home and economic turbulence abroad.
Weaker global growth and the effects of monetary policy are slowing our economy.
Inflation has increased in recent years, pushing up interest rates, and putting more pressure on families.
Eight interest rate rises in three years, and the global slowdown, are expected to see growth in our economy moderate to 2 ¾ per cent in 2008-09.
Potent forces in the global economy are pushing Australia in opposite directions.
Slower growth in the United States and turbulence in world financial markets are affecting many countries, including our own. At the same time, the prices of our exports are rising strongly, when domestic inflationary pressures are already high.
Robust growth in emerging economies, particularly China and India, is expected to drive further large rises in Australia’s terms of trade, boosting income and price pressures.
[size=+1]The terms of trade are anticipated to rise by over 20 per cent by the end of this year. This will be the largest increase in a generation, lifting nominal economic growth to 9 ¼ per cent, the highest rise in 19 years.[/size]
The Australian economy is enjoying its 17th year of growth, now spanning three governments. But productivity growth over the last five years has averaged 1.4 per cent a year, the lowest in 17 years. And capacity constraints have put upward pressure on inflation.
When the Government came to office less than six months ago, Australia was facing the highest levels of domestic inflation in over 16 years, and inflation reached 4.2 per cent in the March quarter. The price of bread has risen over 18 per cent in the last two years alone.
Inflation is a drag on growth. It saps confidence, and hurts families and businesses throughout Australia.
We are working to put downward pressure on inflation so that we can ease the cost of living and interest rate pressures on working families.
Our nation also faces longer term challenges and opportunities, in the form of an ageing population, the economic effects of the rise of China and India, and the consequences of climate change.
With careful, responsible economic management, we are confident we can meet these challenges.
I like Jennifer Hewett's description of Wayne as Pollyanna Swan.
Certainly he was optimistic last night at the despatch box with all his mates around him saying "hear hear".
It was a little different later with a little bit of hard questioning. When he is uncomfortable, as he always is when asked questions, and he has to come up with porkies, his head and shoulders start jerking around. The body language says it all.
He's just not very smart, end of story, the exact person we don't need as treasurer at this point in time.
http://www.news.com.au/heraldsun/story/0,21985,25472878-5005961,00.htmlFEDERAL Treasurer Wayne Swan has defended the growth forecasts in his second Budget, describing suggestions they are too optimistic as "silly".
http://business.theage.com.au/business/no-exit-strategy-for-deficits-nab-20090513-b2h2.htmlThe Government's strategy of nation building for an economic recovery, outlined in the federal budget, may not be enough to lift Australia out of debt in the medium term, National Australia Bank chief economist Alan Oster says.
can anyone tell meWHO we are borrowing all this money from?
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