Following previous years discussion (2021, 2020, 2019, 2018, 2017).
- Federal Budget 2022 - Winners & Losers
- Federal Budget 2022 - Analysis
- Federal Budget 2022 - The Treasurer's Speech
- Budget Overview - Gov
What do you think of it?
Federal Budget 2022 Discussion
hamza23 on 30/03/2022 - 09:49
Last edited 30/03/2022 - 09:50
Last edited 30/03/2022 - 09:50
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No focus on healthcare
Well they just ripped a heap of things out of medicare at the start of the year, of course there wouldn't be a focus on health! MRIs are no longer free, cost $600-800 each.
Its funny, libs want a US style healthcare that the 'user pays', but the USA spends MORE per person on healthcare than we do in Australia, but yet in Australia we get most of it free or near free, unlike the USA that a trip to the ER can bankrupt someone!
https://www.healthsystemtracker.org/chart-collection/health-…
So you really have to ask, is this the BEST way to go? As the US system costs twice as much for the gov, and costs 100 times as much for the people using it!
But the radio told me I have to wait days in ER to get treated because people on centrelink go to ER and do nothing and pay nothing! /s
Here is my take on it…
Dear Mr Treasurer (Joker Josh Fry-de-Economy)
Ive just listened to your budget speech and I have some questions regarding your claims, projections and statements:You said that 3 years ago unemployment would fall under the coalition government and you delivered.
Well please tell us exactly how many of those you count as "employed" are working less than 10 hours per week and how many working only 1 hour per week???
Wasn't closing our borders to overseas immigration due to the COVID19 pandemic largely responsible for this low unemployment rate occurring? Not really anything the Liberal Govt had planned. Right?You said that 3 years ago under the coalition government we would be paying less taxes and you delivered.
Well please explain why I am now earning $10,000 LESS per year but I am paying $10,000 MORE in taxes???If the petrol price is not taken into account when calculating the inflation rate (supposedly because petrol prices are too volatile) then how does reducing fuel excise by 22c going to reduce your "calculated" inflation rate by 1/4% ?
And if this is true wont inflation push back up again in 6 months time? Not a real good claim to glory then. Right Joker Josh?Wont reducing the fuel excise by 22c/L encourage more use of fossil Fuels?
How is this helping your Net Zero Emissions by 2050 target?
How will this help reduce our huge debt?
Isn't this just double trouble?You state that there will be net immigration of 190,000 skilled immigrants within 2 years.
Wont this be inflationary and hence make your inflation projections look rather low?
Wont this make your wage growth figures look unrealistic? They have been wrong for the last 10 years!
Wont such high immigration take away jobs from Australians?
After all shutting our international borders during COVID19 is the sole thing responsible for reducing unemployment to just 4%.
Its nothing the Liberal Govt had intended Joker Josh.
Wont immigration hence push UP both the unemployment rate and the inflation rate?You are making it possible for people on low incomes to buy homes with just 2% deposit. Is dragging those who can least afford it into home ownership at a time that home prices are astronomical and interest rates are about to start rising a good idea? Isn't it better to do this when the property market is in a bust and needs all the help it can get?
And where is the commitment in your budget to reducing emissions to Net zero by 2050? (not)
Furthermore if we are paying less in taxes (not) how on earth are you managing (not) to reduce the annual budget deficit with all these mega spending increases?
All I can say is that your budget speech and the figures on which it is based is all smoke and mirrors.
Just like everything else about your Coalition Government Mr Joker Josh Fry-de-Economy.
Its political B…S.I now await Each-Way Albo's budget response…
Will it be any better, more realistic?
You said that 3 years ago under the coalition government we would be paying less taxes and you delivered.
Well please explain why I am now earning $10,000 LESS per year but I am paying $10,000 MORE in taxes???This point smells like BS, if not from a factual point of view, from the insinuation that a change in their policies increased your effective tax rate. Happy to be proven wrong if you can point to what policies lead to a like for like increase in your effective tax rate.
Some of your other points have some merit, the ones around fuel are a bit wack though, fuel has a flow on effect to other items which effect's inflation, that's pretty obvious, and do you really think that an about 10% reduction for fuel for 6 months is going to effect if we get to net zero in 28yrs time?
try again! Mr Tryagain
You will be proven wrong 200% and more because you open your BIG MOUTH without having any idea of ones tax situation!
TAX DEDUCTIONS REMOVED
a) maximum deductible Superannuation contribution reduced for $35K to $25K resulting in loss of $10K tax deduction
b) Property travel tax deduction removed. Anywhere for $5K to $10K tax deduction lost
c) Property depreciation removed. $6K-$10K deduction PER PROPERTY lost (for properties purchased after the announcement)
PROPERTY INCOME REDUCTION
Its a well known fact that rents have absolutely collapsed during the last 3 years.
We are talking easily of a 30% reduction in rents !
And very long periods to find a new tenant so even more losses due to long vacancy periods.So what I have stated is CONSERVATIVE Mr tryagain
DO YOUR SUMS!Thats why I said Joker Josh's budget speech was all smoke and mirrors
They gave a tiny bit in one hand but took 5 times as much with the other hand.
Thats why they have so much cash to splurge!I would have preferred Labors proposal to remove negative gearing because it really didn't affect anyone's tax situation for current property holdings - yet another dumb tax raising idea from Labor!
Did you catch Albo's response? Bloody good stuff, if you ask me. Don't watch the headlines, actually watch his speech
What was good about it?
It was a typical election speech
This was supposed to be a budget speech yet nothing mentioned about $$$
Nothing mentioned about what Albos proposals would cost
Nothing mentioned about how they would fund them
Nothing mentioned about paying down the debt because its only going to get a lot worse under Labor
And completely dodged the question when asked about tax increasesI can tell you from my excellent accounting, budget and economics skills that Albos proposals are extremely INFLATIONARY FOR EVERYONE!
We have inflation booming here that nobody wants to admit
What we dont need is a typical Labor spending spreeOur national debt will skyrocket
Inflation will skyrocket
Interest rates will skyrocket
Is that what you call good????
And this is not even rocket scienceAs far as his aged care package.
Aged care is going to get much more expensive and many people cant afford going into a nursing home now!
Under labors plan nobody will be able to go to nursing homes except the RICH!!
And there aren't enough nurses for our hospital requirements let along having one sitting in every nursing home reading a bookSeriously Albo is dreaming on
Its typical Labor political gobblygookSo having listened and studied both now I will side with…..
One Nation Party
Liberal Democrat s
Australian Democrats
United Australia Party
Yep just like many others, the major parties won't be getting my vote
@HeWhoKnows: Yes, we wouldn't want another typical Labor spending spree: https://independentaustralia.net/politics/politics-display/c…
Labor spends on infrastructure and projects that deliver outcomes for everyone, Libs spend twice as much on rorting marginal electorates to pork barrel votes and dodgy dodgy deals left right and centre, constantly and consistently. I swear, you are living in some kind of alternate reality. https://www.afr.com/politics/federal/is-the-coalition-really…
I can't question your own personal financial situation, or apparently masterful accounting, budget and economics skills. But let's test your comprehension skills with a bit more light reading: https://chaser.com.au/national/an-exhaustive-list-of-the-lib…
It's a joke. There's only 1 way to resolve it in ~2 months time.
Sack them all!?
Fed Libs have taken away all your FreEDuMs so not sure why you would vote for them?
The Australian said not voting for LNP means the other political parties are going to steal all my money! I know that I lost my job despite the jobkeeper-using company claiming record profits, hundreds died during pandemic, pay a lot in inflated groceries, had to deal with disasters, giving billions in uncompetitive tenders, but it could have been worse! /s
@HeWhoKnows: Did you go to perth in the past 2 years? It's amazing, They got to live their lives like covid didn't exist. You can go to nightclubs, stand and drink. I wish my state (SA) was like that.
@HeWhoKnows: Negative votes here show how many are walking around with blinkers on or just like having thier Freedoms taken away by Communist Labor Premiers
The election won't solve anything. Lib or Lab will win. Both as bad as each other.
Any news on brrr?
From the Institute of Public Accountants
As always
how can you not be happy with freeeee moneeeeeyyy
cash for votes? of course not! o.O
whats next?
free money to margain seat areas?
free money to liberal supporters
free money to anyone on the fence
free money if anyone thinks about voting liberal
heck free money that will dohow can you not be happy with freeeee moneeeeeyyy
You mean money that as a taxpayer you already gave the government to give back to you?
You mean money being funded by more debt.
Despite rising inflation, low unemployment, a huge debt from the last two years to repay, the Liberals are set on cooking the economy further to win votes. They're spending an extra $30b each year that doesn't need to be spent.
It amazes me that people actually believe the Liberals are the fiscally responsible ones. They're a nightmare of kicking the can down the road until mining royalties pay off the debt. Imagine if we'd setup a sovereign fund like the Norwegians did instead of throwing money at the electorate every time there was an election.
Labor can be just as bad, but the last and this election we get to see how little the Liberals care about the economy compared to winning the election.
You mean money being funded by more debt.
and who pays that debt back or at least the interest payments on it? Taxpayers……
It amazes me that people actually believe the Liberals are the fiscally responsible ones.
Sadly that is what happens when you repeat a lie enough, people start to believe it. That and they slip in a bribe or two to help sell it ;)
They're spending an extra $30b each year that doesn't need to be spent.
The fiat ☠️ 🌀 continues.
The 'money' in the form of rebates is not being funded by debt.
It is the government spending programs that are being funded by debt.
You borrow to spend, you don't borrow to not collect.@Almost Banned: Not sure if you think this has some sort of actual meaning beyond semantics or if it's meant to actually mean something.
The 'money' in the form of rebates is not being funded by debt.
Rebates are money that can go to paying P+I.
Australia is already +$600B in debt + $10B yearly interests. The feds giving out rebates in times of high liability shows that they are looking to get money elsewhere like brrr.
@turbochris: That is not the only option.
It is not the government's money - it is yours and my money.
If they 'allow' us to keep more of our own money they are not borrowing to allow this to occur. They are borrowing to implement the spending programs they want to implement and can not presently fund.
The other alternative, collect less - spend less, is what most people would do.
Joker Josh Fry-de-Economy is the most SOCIALIST Treasurer Australia has ever had.
The Liberals are no longer "Conservatives"
They have taken Labor's place as Centre left
I now refer to them and the Socialist Left Liberal Party of AustraliaAnd Labor has shifted even further to the left to the point of being Communist
PROOF: Federal Labors support of China, Dictator Dans support of China's Belt and Road, the most severe COVID19 lock downs were in the Labor controlled states. And what happened in Victoria was nothing short of Communism.@HeWhoKnows: I'm not sure if you're partly joking…
Communism:
"a theory or system of social organization in which all property is owned by the community and each person contributes and receives according to their ability and needs."You might want to reconsider whether your PROOF IN ALL CAPS is proof at all. I'm pretty sure your one sentence didn't prove VIC is a communist state.
Also, LNP as the Socialist Left Liberal Party of Australia?! When was the last time LNP made a policy (that wasn't actually created by Labor and the Union movement) for the people according to their abilities and needs?!
Personally I'm in QLD and couldn't be happier with how we've managed to keep mass infection at bay on many occasions, choosing the mild inconvenience of lockdowns vs almost definitely getting COVID, and in the case of our elderly risking their lives.
Also, you might want to check the LNP record on China
Hey, they're magicians with the economy though! The just buy debt high, and sell it low. Pure genius.
And at the end of the bonds' lifecycle, the RBA swoops in and cancels their debt. How could anyone say this is anything short of brilliant economic management!? Source
Do I really need to put the /s at the end?
Labors proposals are economically far worse now that I have heard them.
Its case of the bad and the worseBring on the responsible small parties
One Nation Party
Liberal Democrat s
Australian Democrats
United Australia Party
sounds like you are not impressed…. the solution is
want more money?
let me give you 1500 for being a good blokeIs that a Labor or Liberal election pledge?
Because the tax and ways the LNP are changing our lives will cost us more than $250
I personally gain $$ from the budget but I don't think its worth it in the long run. I am going to have to pay this debt pay later on and I just know they have released this budget as a cash-splash before an election. Its quite insulting that they think they can buy my votes by doing this.
We have seen inflation sky rocket due to their fiscal and monetary policy and their response is to give out more $$. This is going to hurt in the longer run
Support for first home owners is a joke. They make it more accessible but at the cost of less affordability (house prices will probably go even higher because of this). The estimated cost of their policy is $8.6m over the next 4 years. Quite pathetic that that's all the money into this glaring issue thats effecting so many young people.
What about renewables too? Not enough done for climate change. Saving the Great Barrier Reef doesn't solve the climate change issue.
The dumb dumbs will think 'i personally gain so therefore its a good budget so therefore im gonna vote for da libz'.
It is great that you and I can identify that they are essentially buying our votes. That is the first step. The truth is: long term benefits has short term cost.
It irks me that governments keep selling rosy future. I do not, foresee a nice blue sky in the near future especially if they keep doing things the same way. I want to vote for the person/s who will tell me how shit it really is and how much hurt it will take to get better.
Hey mate, there is hope - there is! If you have 10m watch the latest video from FriendlyJordies here.
Towards the end it really sinks in just how much hope we can expect if Labor are elected.
They have an incredibly impressive vision for Australia involving renewable energy; we are the most advantageously poised country in the world when it comes to renewable energy.
@ThithLord: This illegitimate idiot talks about powering a night light with solar energy…
Seriously???????
Another Mr No IdeaSun and wind do not provide base load power, especially at night Mr FriendlyJordies
and therein collapses the case for renewable energy in Australia
@HeWhoKnows: Ever heard of a battery before? Novel concept.
I swear you people are sniffing petrol, ay
obvious thing for me is to stop foreign property investment for existing houses, limit it to new construction only. There is a place a few doors up from mums that was bought by a chinese investor 20 years ago, they have never lived in it and only used it a couple of times I guess when they were on holiday.
the second thing they need to do is rework the negative gearing as much as I hate to admit, its OP as fk
Don't start talking before you hear Labor's budget reply speech Thursday night.
I very much doubt that Albo is going to take the fiscally responsible road, but if he does, then….
cheap vote for sale.
"Shockingly, public school funding will be cut by $560 million over the next three years. Meanwhile, JobKeeper-subsidy-dripping private schools will get $2.6 billion more over the forward estimates. It’s not a budget without blows."
https://thenewdaily.com.au/finance/finance-news/2022/03/30/f…
This is both inaccurate and misunderstands the proper role of the Federal Government.
Public schools are primarily funded by STATE governments. Private schools are primarily funded (at a government level) by FEDERAL governments.
So, the level of funding to public schools may decline or increase - depending on how State governments, the primary funders of this sector - decide to respond.
Lets not forget the per capita funding per child though from the government here
In that decade, funding for private schools – including Catholic and independent institutions – increased by $3,338 per student, adjusted for inflation, compared with $703 per student for public schools.
While commonwealth funding of state school students increased by $1,181 over the decade, state spending dropped in that time by $478 per student, the analysis found.
It's still not a good look when you know that the LNP are a conservative party preaching full of bible bashers
Some people can't figure out that the state has some responsibilities and the feds have other responsibilities.
Im sorry but the new name for the LNP with Joker Josh Fry-de-Economy as Australia's most Socialist Treasurer is:
The Socialist Left Liberal Party of Australia.
The Conservatives have all abandoned the LNP (SLLP)
@HeWhoKnows: I think its more frydenburg has realised the traditional conservative approach to monetary policy doesn't work when it comes to maintaining an economy and that the progressive approach is the only way out in a pandemic.
Admittedly they've never done socialist esque monetary policy before and ended up handing free money directly into businesses and anyone who could flout the system resulting in huge costs and nothing to show for it. Cooked it big time
WON'T SOMEBODY THINK OF THE RICH PEOPLE!
Just earn less then so you can pay less tax and get the offset? You would be a happier person if you had the lamington
This budget does almost nothing for me except MAYBE help me save a couple bucks on petrol.
For a limited time. 6 Months I read.
"The fuel excise is currently 44.2 cents per litre. That will be cut to 22.1 cents per litre for a period of six months"
https://www.news.com.au/finance/economy/federal-budget/fuel-…Hell, that's even Murdoch press… they're not even hiding that they're short term buying your votes anymore. Maybe they're sick of governing for now.
Thats another $3 Billion that could have been used to pay down our national debt instead
OR
be invested in renewable Energy instead of promoting use of more fossil fuels
OR
fund Albo's aged care package for 1 yearThat would work for me. I don't personally need fuel in my day to day myself. Here's a handful of sources we could pay down some debt from: the top tax dodgers in Australia.
https://www.michaelwest.com.au/revealed-australias-top-40-ta…
I suppose the budget is very good for buying the buyable votes. It's taxpayers' money anyway, so only upside no downside for the LNP.
Thanks LNP for taking money from me in the future. They are amazing time travellers!
eat the rich?
Eat cake?
Gotta have it first
Would they have ever brought in a budget like this if it was not election year? Never.
It is such a short sighted budget.
LOL..
But all the RSLs are changing their names by dropping the RSL out of the name.
So there wont be any free shuttle buses anyway
More smoke and mirrors
None of the political parties ever try to get my vote. I'm in a relationship with no kids. Offer me $1 and you get my vote. Offering more assistance for the unemployed, childcare or mental health and they lose my vote.
I'm tired of trawling through all the election promises and always saying "doesn't apply to me"
So cheaper fuel and a slight tax break. That appeals to me. Your move Labour….
mental health and they lose my vote.
Yes, spending on health is truly terrible 🙄
So you'd rather the incumbent LNP remain in power, debt forecasted to hit $1.1T (T for Trillion) by 2025?
Labor lost the 2013 election because of the debt they acquired when they gave Australia the best performing economy in the world during the GFC. This debt was among the lowest debt-to-GDP and deficit-to-GDP ratio in the OECD.
The best performing economy in the world. They built tens of thousands of libraries in schools (was over $10B+ investment, from memory)
C'mon, mate. Your vote is worth more than what's in it for me?
Wow, you're tired of being completely selfish.
Maybe take a break?Wow, well enjoy your 6 months of slightly reduced fuel then I suppose… a government on the way out can promise the sky anyway, pretty sure they'd never deliver on many of their projections even if they did get back in by another "miracle" as Scumo put it last time.
Such community spirit
Why are you living in Australia then? Move to the US, lower taxes, no healthcare, childcare, crappy leave, the more you work and earn the richer you become. Or an oil rich country, UAE has no taxes, low cost of living, cheap petrol, sounds perfect for you!
Or hell, Western Sahara. Zero taxes, basically zero government whatsoever. You get to live your Ayn Rand utopia.
Dumb budget that tricks idiots into voting to get a little bit of cash. Debt increases, again. Fuel excise cut will just end up in the pockets of the fuel companies.
The cash splash is stupid.
The current cost of living pressures are due to high petrol prices from the war abroad.
All they had to do was cut the fuel excise and that would put downward pressure on the cost of living. Handing cash out to people just puts upwards pressure on inflation.
Excuse me
Inflation has been building since before COVID19 landed on our shores due to ultra low interest rates creating a spending spree
But it was COVID19 that made it much worse
High petrol prices and the war are only a few months oldHence I think you better see you doctor about possible dementia!!!!
I only remember feeling inflation from a few months ago.
Feeling it and seeing it are 2 different things
I used to say this about ALP now i say it about LNP and ALP STOP GIVING MONEY AWAY!
I like the tax cuts but personally i think tax cuts should go further as i personally would rather more tax cuts which improves productivity then just handing money out to people who will blow it in 2 seconds and now wont actually help the economy in the long run.
TBH i'd rather we focus on getting rid of debt, and improving productivity and innovation then handing money to people for no reason
ALP will hand out more money to combat this stupidity and Greens will be screaming for more handouts to every minority and their dog our country is stuffed
Tax cuts improve productivity? I can quite safely say I won't work harder because the government gives me a tax cut.
It's like the claims that business tax cuts would create more jobs. It did the opposite, because for each person you fire it means even more money goes to shareholders than it did before.
I'd like to see debt brought to manageable levels but the easiest way to do that is to tax the rich and the mining companies. They won't leave because Australia is awesome and they make their money here.
People work for money…the more you pay someone the more they are willing to work ie most ppl would sit and watch paint dry for 1000 dollars an hour.
Only around ~2000 business/companies are listed ASX. There 2.4m registered business in Australia. Thus most dont have shareholders to worry about
The ones that do is actually a good thing as the bulk of most Australian super is invested in the ASX l. We want people to not rely on welfare when they retire the share market needs to be returning at least 10-15% pa for that to be the case
People work for money…the more you pay someone the more they are willing to work ie most ppl would sit and watch paint dry for 1000 dollars an hour.
Except a tax cut isn't being paid to work, it's having less tax taken out. My employer isn't going to have higher expectations because I pay less tax because everyone is in exactly the same boat.
Only around ~2000 business/companies are listed ASX. There 2.4m registered business in Australia. Thus most dont have shareholders to worry about
Every company has shareholders, that is how companies are owned. Owners generally get the same benefits companies do, lower taxes have the same benefits regardless.
The ones that do is actually a good thing as the bulk of most Australian super is invested in the ASX l. We want people to not rely on welfare when they retire the share market needs to be returning at least 10-15% pa for that to be the case
You realise that the people getting fired will no longer receive super, right? There's no magical sum that results in companies firing people from greater tax benefits being better overall for the average Australian, it simply doesn't add up.
Man gets $1000 and spends it on a flat screen TV at his local retailer. Ideally, this funds a job for the sales man, the warehouse worker, the store manager, the distribution center. All of those go out and spend their paycheck on more (preferably) australian managed things, which stimulates the enconomy.
This is an idealest view but yeah you get the point.
Not sure I understand the point you are trying to make.
What are -
tax cuts which improves productivity
How does -
handing money out to people who will blow it in 2 seconds
not put the money immediately back into the economy?
As this chart shows just blindly repeating that increased productivity helps everyone this chart seems to indicate otherwise.
https://www.epi.org/productivity-pay-gap/For a more local look there's also
https://www.acuitymag.com/opinion/productivity-is-up-why-not…the more you earn the more you are willing to work - ill use the example of over time most people wouldnt work weekends/public holidays if it wasn't for penalty rates.
this also includes overtime if you dont understand basic economics ill try spell it out to you. - lowering taxes means you 'earn' more it essentially gives everyone in that bracket a pay rise.
the government cannot go to an employer and tell them to pay you more but the government can 'ensure' you 'take home' more of your salary by reducing taxes. - thus you are still making your hourly rate but your net earnings are improving this 'change' in tax cuts is small so most people will bearly notice it thus taxes should be reform and cut more.
handing out money 'does' boost the economy short term this then creates debt which needs to be paid back with interest - this isnt that much of an issue in a 'low' interest rate environment but as interest rates rise this can be very bad. Imagine having so much credit card debt that you cannot afford the interest repayments that is what The Australia governments have been doing since Kevin Rudd both LNP And ALP
right now Commodities are at highs coal, iron, uranium, gas etc we sell these commodities all over the world when this cycle ends i reckon Australia might be in a little bit of trouble i just hope we use the current wealth we are generating to invest in our future and PAY DOWN DEBT
if you dont understand basic economics ill try spell it out to you
I do understand basic economics but that is not what I asked.
What I asked was exactly which tax cuts improve productivity - ie the rate of output per unit input, not the total amount.
handing out money 'does' boost the economy short term this then creates debt
Every time that money changes hands there is a tax paid on it so quite a bit, if not all, of that money eventually gets returned to the Gov't.
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So much for their old mining friends to keep renewables away. US is far ahead at this point in terms renewable adoption.
No focus on healthcare, no lessons learnt from pandemic.