Budget 2015 - 2016 is coming

Discussion in 'Current Affairs' started by aleks, May 11, 2015.

  1. aleks

    aleks Well-Known Member Silver Stacker

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    [​IMG]

    Joe Hockey will be giving his speech at 730pm and details will be released on the official website http://www.budget.gov.au/

    Looking at the MYEFO in December the budget deficit this coming year is forecast to be $31.2 billion
    http://www.abc.net.au/news/2014-12-...2014-15-forecast-to-reach-404-billion/5967956
     
  2. Caput Lupinum

    Caput Lupinum Active Member Silver Stacker

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    [youtube]http://www.youtube.com/watch?v=xn7JuZ0TmjU[/youtube]
     
  3. Golightly

    Golightly Well-Known Member Silver Stacker

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    One year in power and I would have zero deficit!!
    Wonder if they manage their own finances as poorly, suppose they have a pension for life to fall back on
     
  4. col0016

    col0016 Active Member

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    Leyonhelm showed how to completely fix the budget without even having to go through the houses :)
     
  5. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    That's because your objective would be to fix the budget rather than treading a line between keeping power and keeping your political sponsors happy. The budget is a circus meant to convey the impression that the nation's economic future is being managed for the good of the people.
     
  6. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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  7. aleks

    aleks Well-Known Member Silver Stacker

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  8. aleks

    aleks Well-Known Member Silver Stacker

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    Key announcements so far:

    $35 Billion deficit next year

    From 1 July this year, small companies with annual turnover of less than $2 million will have their tax rate lowered, from 30 per cent to 28 and a half per cent.

    $255 million to Tax Office, Centrelink, Medicare, and other government agencies

    $300M Drought relief for farmers

    $5 billion Northern Australia Infrastructure Facility

    $7 billion more on child care

    $330 million to help young unemployed

    new listings on the Pharmaceutical Benefits Scheme, at a total cost of $1.6 billion.

    $1.2 Billion more on national security
     
  9. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Interesting. Hockey's budget brings spending to 25.9 percent of GDP, equivalent to Labor's spending at the height of the GFC.
     
  10. zedstrange

    zedstrange Member

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    There was a brief comment made about reducing work related car expenses but I cannot find anything written up on that ?
     
  11. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    Any cuts to Indonesian Aide? :p
     
  12. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    I saw one brief paragraph:
     
  13. whinfell

    whinfell Well-Known Member Silver Stacker

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  14. whinfell

    whinfell Well-Known Member Silver Stacker

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    Cut by nearly half, according to the SMH:

     
  15. JulieW

    JulieW Well-Known Member Silver Stacker

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    ABC:

     
  16. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    The "Netfix tax" on electronic downloads will be voluntary:

    "The government will rely on companies such as Netflix to voluntarily comply with the change as Netflix has said it will to avoid bad publicity. It is understood that there is no measure in place to pursue those who flout the rules."

    Non-digital goods under the $1000 threshold for imports won't currently be taxed:

    "The change also means a book purchased from an overseas website and imported into Australia will not attract the GST but an electronic version of the book will attract the 10 per cent GST."

     
  17. zedstrange

    zedstrange Member

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    Got it, thanks
    The change makes sense. IMO a salary earner claiming more than the 5000k a yearoption is more likely to be dubious or his employer ripping him off :)
     
  18. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    The AFR points out the big caveat:
     
  19. SpacePete

    SpacePete Well-Known Member Silver Stacker

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  20. zedstrange

    zedstrange Member

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    Bracket creep occurs every year. It's not fair for the writer to point that out. There has never been a history of increasing tax brackets annually.
     

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