The Budget - What are you looking for?

[bullmarket]

With regard to the first home buyers grant I doubt it's had much of the governments's intended impact.

With at least during the last few years the residential market being a sellers' market and so anyone will be extremely hard pressed to convince me that most if not all of the grant has ended up in the sellers' pocket via inflated prices.

But having said that I also strongly doubt that property prices would fall if the grants was suddenly removed.......therefore I think the grant will be left as is for now.

cheers

bullmarket

 

[wayneL]

Hmm your both missing the point of government grants for new homes.

If the building industry slows to a point of negative growth then you'll see a huge rise in unemployment and government costs.

Its not about the buyers.

If that is the case, then that scenario should have already happened, naturally. As per Rafa's point, it is interventionist, left of centre, middle class welfare, and outright electoral bribery.

Negative growth and unemployment WILL come whether or not intervention. It's a natural part of the cycle and it should have happened already. By now we could have restructured our economy into something other than one supported largely by building and selling houses to each other.

With regard to the first home buyers grant I doubt it's had much of the governments's intended impact.

With at least during the last few years the residential market being a sellers' market and so anyone will be extremely hard pressed to convince me that most if not all of the grant has ended up in the sellers' pocket via inflated prices.

LMAO! Where have you been? We are in the final stages of a 3 sigma price boom mate.

Regression to the mean WILL happen one way or the other, either by high inflation, or nominal price drops.

Cheers

 

[son of baglimit]

i suppose in hindsight i should have asked - "what do you realistically expect from this budget" - hence why my choices were conservative.

but keep the wsih lists coming.

 

[bullmarket]

no problem wayne

I'm just calling it the way I see it and I gave my reasons.

There is no verifiable info in your post that proves anything I said in the extract you quoted or the rest of my original post is wrong in any way whatsoever If you have diferent view to me then that's fine by me

cheers

bullmarket

bullmarket, you forgot to write "we'll have to agree to disagree". It's in the rest of your posts so you better add it to this one

 

[twojacks28]

im going to the budget breakfast on friday. anyone else going?

 

[professor_frink]

no problem wayne

I'm just calling it the way I see it and I gave my reasons.

There is no verifiable info in your post that proves anything I said in the extract you quoted or the rest of my original post is wrong in any way whatsoever If you have diferent view to me then that's fine by me

cheers

bullmarket

bullmarket, you forgot to write "we'll have to agree to disagree". It's in the rest of your posts so you better add it to this one

 

[bullmarket]

thanks professor_frink

it's in there now.....I thought I forgot something but couldn't figure out what it was

cheers

bullmarket

 

[professor_frink]

that's better

 

[RichKid]

that's better

professor_frink and BullMarket,
It certainly is better, from both of you, this type of friendly disagreement is a whole lot easier for us mods to cope with than sudden nuclear strikes against personal reputations, so well done for being gents about it! You set a good example guys, love the humour!

 

[son of baglimit]

im going to the budget breakfast on friday. anyone else going?

sounds like all those without kids will be going too - its all they can afford !!!!

baked beans on toast i think.

 

[money tree]

my predictions:

- GST on petrol to be cut (and maybe a bit of excise)
- FHOG to be increased to $14k
- tax free threshold increased to $10k
- top tax rate cut to 43%
- increases to family benefits
- incentives to start a family
- more money for healthcare, defence
- decrease in Super tax rate to 10%

This will be known as the "family" budget. Emphasis on petrol, housing affordability and the aging population.

The smartest move would be cutting or abolishing the Super tax. Increasing the FHOG would not be smart. GST on petrol is dampening the economy and putting pressure on inflation, so doing something here would be a smart move.

I got at least 5 of those right

 

[bullmarket]

hi moneytree

but so did a lot of other people when you look at what was 'leaked'

maybe we have the same sources

bullmarket

 

[canny]

I missed hearing the budget last night - can someone please tell me what the new tax rates are reduced to, and the tax free threshold raised to?
Personally I am happy to see GST stay on petrol - as that way tourists and others all pat their bit - which goes into revenue. Give us more personal tax cuts, and let the tourists pay more GST into our coffers. We're such a cheap company to visit compared to Europe etc - that they can boost our govt income!!!

 

[GreatPig]

See the budget summary here.

GP

 

[canny]

See the budget summary here.

GP

Thanks GreatPig

 

[Smurf1976]

Personally I am happy to see GST stay on petrol - as that way tourists and others all pat their bit - which goes into revenue. Give us more personal tax cuts, and let the tourists pay more GST into our coffers. We're such a cheap company to visit compared to Europe etc - that they can boost our govt income!!!

Country? : :

 

[MalteseBull]

The Budget looks good!

Tax bracket has increased so its good for everyone!!

 

[nizar]

yes its good..

but those earning 25Gs and those earning 75Gs in the same tax bracket?

i wouldve liked for tax-free rate to be raised to 10Gs or 15Gs

oh and yeh my favourite:

$380million spent on illegal fisherman, and $220million for health and medical research

Hmmmm....

 

[son of baglimit]

lets see now - how many things were purely of benefit to the 'well to do'.

(dont get me wrong, i'm just highlighting them)

substantial tax cuts with lower top rates & higher brackets.

no removal of the ftbb for stay at home wives of the well to do.

removal of rbl for lump sum super payouts.

removal of 15% tax on lump sum payouts.

child care strategy will increase child care in well to do areas, allowing those mums to have additional coffee days with the other mums. (i know this from experience)

small businessmen with well setup (tax reducing) income levels to allow them to sacrifice more into super, gaining the deduction & the govt co-contribution.

the worst - more favours for those greedy idiots who ploughed cash into vineyards, oversupplied the market, then expect all of us to get them out of it - fools saved again.

anyone else wanna contribute ?

lets face it, this was a budget heavily favouring those with fewer money problems than the 'live week to week' types.

 

[Smurf1976]

yes its good..

but those earning 25Gs and those earning 75Gs in the same tax bracket?

i wouldve liked for tax-free rate to be raised to 10Gs or 15Gs

oh and yeh my favourite:

$380million spent on illegal fisherman, and $220million for health and medical research

Hmmmm....

Illegal fishermen sounds like illegal immigrants etc Mk 2... So no surprise to put building detention centres on hold and build boat destruction facilities instead.

As for the tax rates, 25 - 75K is a very wide bracket given the actual range of earnings.

The real thing I don't like though is that in actual $ terms, the typical worker in the middle gets the least.