They should have a chat with Paul Keating.
I'm of the view that all deductions from salary income should be abolished, but only as part of broader tax reform, not a short term budget fix. In the case of property, it should be in exchange for the removal of other taxes such as land taxes, stamp duties etc.
I've commented at length on tax reform in the past. This has essentially revolved around simplification on the basis of fixing holes in the revenue base and using the proceeds to remove nuisance taxes and reduce tax rates overall.
Allowing owner occupiers a tax deduction for home loan interest would therefore not be a part of that.
Further, because of the above deficit, they will be cutting more medicines from the PBS and not approving for inclusion new medicines which can apparently greatly improve the lives of sufferers of some cancers and also schizophrenia.
It's our soaring dollar, and it must be a big worry for Swan. He must be revising his budget daily.That is one hell of a drop for no reason. The dow up 70, us down 70, what the?
Australian shares are lower to noon, with the soaring high local dollar generating concerns about the effect on local companies.
It is the third day in a row that Australian stocks have struggled and ignored strong offshore leads, with the Dow Jones Industrial Average nearly reaching three-year highs this week.
Oh well from the report on the news this morning, they are expecting a budget deficit of $50billion.
Well thats not a bad turn around $20billion surplus to $50billion deficit in three and a half years.
What do we have to show for it, lots of plasma t.v's, dodgy home insulation and of course Julias dodgy school programme. Which should help with the detention building and repair programme currently unfolding.
I know I may sound cynical but can someone tell my something positive the government has done with the money. I'm sorry but I can't think of one thing.
I know I may sound cynical but can someone tell my something positive the government has done with the money. I'm sorry but I can't think of one thing.
Hello Julia, I think by the share market reaction today, after a positive lead from wall street, the voters are displaying their confidence in the government.
That is one hell of a drop for no reason. The dow up 70, us down 70, what the?
I can watch movies in high def now
Pretty typical of what happens. We have a cyclical cycle here, Liberals in, build a surplus, labor in, spend our surplus and build a huge deficit. Its always the same, seems to work for us however.
The reason is the Australian dollar is too strong.
I can clearly remember Andrew Robb asking Swan to compile a mini budget before Christmas to get the value down. I think we are ok at 95-97 cents.
Swan's reply was go for an overseas trip.
There is another thread that explains it.
I think we are in big trouble folks.
Cheers
Oh god yawn..... Hawke / Keating payed off Malcolms / Howards dept making Australia dept free for the 1st time ever............yawn
Just shows how hopeless Robb is after his election $11 bil black hole.............
You maybe correct.
However how I remember the situation is, Robb had a black hole based on assumption, and we were told the size of the hole by Gillard.(thats Juliar)
Meanwhile nobody remembers the overstatement of the miners tax by Swan by about 100%. It was announced when he went overseas.
So I suppose its ok to overstate, but not understate.
But I think there is a lot we do not see going on in the background. Both parties have not acted correctly with costing at an election. But the system fails the opposition who ever it is, as they do not have the resources.
Finally I will accept the costing of the coalition over Swan's anyday. Time will tell !
Cheers
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