Happy Federal Budget Evening.
Treasurer Jim Chalmers has delivered his 3th Federal Budget.
What are your thoughts?
ABC - Winners and Losers
2024-25 overview (budget.gov.au)
Previous years discussion (2022, 2021, 2020, 2019, 2018, 2017).
Federal Budget 2024 Discussion
Gdsamp on 14/05/2024 - 20:06
Last edited 14/05/2024 - 20:06
Last edited 14/05/2024 - 20:06
Poll Options
- 44Happy
- 198Indifferent/unsure
- 93Unhappy
- 14Don't care
Comments
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@R4: Ahh your version of nice is a 50 minute drive in traffic to the city from the middle of nowhere.
Gotchya
@Drakesy: You've got to start somewhere dude! Perth is the wealthiest city in the Southern Hemisphere and it's growing rapidly. If you work in the city, you'd be getting the train - traffic doesn't come into it. Weekends, you're close to the ocean, shopping, bush etc. LIke I said, not for me but many like it. You haven't been able to buy a property for low money, 10 minutes from the CBD of any major city for decades - maybe Hobart 10 years ago. High property prices are the result of many factors - but one of those factors is that Australia is a great, desirable, safe country to live in .
Perth is the wealthiest city in the Southern Hemisphere and it's growing rapidly.
Umm, you may've left out Sydney and Melbourne…
Yeah QLD concessions are a bloody joke.
Get rid of stamp duty for first home buyers to give them a fighting chance
You do realise what would happen the moment this happens, right?
Property prices would skyrocket.
Every initiative that involves this sort of thing will be met with the opposite result - prices go up.
Ban foreign home ownership which is also a facade for money laundering (if we can buy a house in their country why can they buy one here?)
Australias economy is built on housing. Do this and the house of cards collapses.
Property prices have skyrocketed with stamp duty…
If the system is broken with it, getting rid of it won't make the system more broken. If anything it encourages more speculation which is what fcuked the industry in the first place.Maybe the house of cards needs to collapse as its uneconomically overweight?
Maybe the house of cards needs to collapse as its uneconomically overweight?
I'm not smart enough to understand what the ramifications would be if we had a housing market crash, like a proper crash, but surely given how engrained property is with our entire economy the flow on effects would be dire. I guess this is why the gov is trying to keep the music going.
Property prices have skyrocketed with stamp duty…
Fair point
Property prices have skyrocketed with stamp duty…
Property prices have skyrocketed with a blue sky too. Correlation isn't causation.
Every time people are given more money to buy houses, guess what happens? The prices of those houses tends to increase by about how much extra money they have. It doesn't matter whether that is from stamp duty concessions, first owners grants, banks being looser with credit, or (potentially) raiding your super. This has not stopped governments from pandering to voters making it worse though.
Property prices would skyrocket.
Stamp duty pushes people to HODL the property long-term instead of buying/selling often (to downsize etc). Instead, change it to a yearly progressive land tax.
As with the stock market, it's unpredictable. It may go up or it may go down, so let it be. At least we try something different.
Switch to land tax rather than stamp duty (possibly exempt PPOR), and they should remove the capital gains tax concession. It's the interplay between negative gearing and CGT discount that's one of the big drivers of housing speculation IMO.
They could keep negative gearing but they should limit it to the asset type, so you can't offset general wages or other income with property losses.
I'm honestly not sure that the foreign home ownership would make that much difference.
I agree about the tax brackets.Capital gains tax concession applies to any asset and was put inplace when indexing was removed. Either indexing has to be reinstated or CGT concession has to stay. There is little incentive to invest post tax dollars if either is not in place. The retrun on your investment would have to beat real infaltion every year else you would make a real monetry loss.
Ok, back to indexation then. I think that makes more sense than a flat 50% off after 12 months anyway, though I guess it depends how long you're planning to hold an asset.
@drfuzzy: No, I just think land use should be taxed more heavily than it currently is, and resources taxed much more.
I think as a society we should discourage speculation on housing. If we did those things, I think we could lower income tax rates.
Shut up and take my vote.
Great policies. Labor and LNP scum won't touch them.
Labor tried under Shorten and the public were brainwashed by greed and MSM.
Drakesy for president, he knows all, he speakest the truth!
LOL
Someone get this walking-meme some copium, stat
You should have watched the four corners program. Chinese Police took Australian residents back to China. I am shocked that AFP allowed them in and allowed them to take the person back. That is the consequence if you are close to China. Are we a sovereign country???
China is not developing iron ore mines in South Africa? They (and Rio Tinto) are building a mining complex in Guinea but it's yet to be seen if they will be able to pull it off as the logistical challenges are immense. It's also a deeply unstable part of the World - China saw their arse with mining developments in Zambia and Congo.
As it stands, we are heading down 'a vast socialist hole', but Albanese won the last election in WA by flipping 4 seats from the LNP. After the stage 3 betrayal, he's stuffed in WA (there's more higher income people here, especially normal working people). He's going to lose at least 3 of those seats and that's a loss of government right there.
Interesting times ahead.
stage 3 betrayal,
You mean the alterations that still leave everyone better off, but the hard-done-by <160k earners slightly less better off?
Note that is meant to read >160k - d'oh
yep thats the one, the one he promised to deliver in full as an election promise and then went back on his word and doubled down on people that had already had 2 stages of tax cuts to give them yet another round.
@gromit: Literally everyone breaks "election promises" - it is rare however that the breaking of the promise actually improves the sitatuation for the majority of people. I'm guessing you didn't vote Labor anyway if you're crying into your quarter-million salary with only a $4500 tax break instead of $9000.
FFS.
@johnno07: I don't think he made it better at all, he made it significantly worse by adding fuel to inflation, breaking his rhetoric that he would be a new kind of government, one that is accountable for what they say. Would have been far better to can them altogether than the mess they did instead. They locked in future tax rises for everyone and made it practically impossible politically to fix our broken tax creep system that sees nearly all these tax breaks lost to tax creep in just a couple of years.
More money to Ukraine lmao, what a joke.
That war is keeping coal and iron prices high. Consider it an economic investment if it helps you sleep
More money for Twiggy!
Not being happy with the broadening of the tax cuts seems ridiculous to me.
I do not understand the mentality. Everyone still gets a cut, just the people who need it more get a slightly bigger slice.
Australia has lots of scared money, but we are happy to sink almost a trillion dollarydoos on unclear submarines. Weak sauce $300 per household, not everyone has an electricity bill to their name and may have other struggles of cost of living.
How does a firearms register cost $161.3 million??
One of the major consulting firms is probably going to develop it for them.
Wonder what it'd cost if they just got an AI to do it for them.
I'll make them one on excel that can do the same job and they can spend $161m on firearm safety training or something.
He who controls the guns, controls the price.
Don't vote for Greens, ALP or Coalition they will continue to ruin this country
A govt run entirely by independents could do NO worseYou should only vote for independents of you believe they represent you. In saying that, I do love the idea of a government made up of intelligent, largely independent representatives - a lot closer to a true democracy.
I used to be of that view to. Now I am more of the view that I can't vote Labor or coalition as neither side are competent and they do not represent me and I would need a lobotomy before I would vote greens so I don't have much other choice.
Remind who the Greens are?
My memory is shocking now I've had a lobotomy.
Can you imagine how unproductive that would be - all these unaffiliated individuals all with their own agendas, somehow working together to achieve a common good? I don't see it being better in practice, just a different kind of messed up!
They might in fact do nothing at all. A government that does nothing at all sounds perfect to me.
So fully privatised services and infrastructure without government regulation over any of it - aka an actual free market. Good luck, consumer.
I don't know if I'm indifferent or I just don't care.
Not bad, not good, about what you expect from a federal budget, some people win and some people lose. But with every budget I am left with the feeling that all the government is doing is working out who's votes they need to buy and then putting the money there. I would love to see my tax dollars actually do more than help fund tax breaks and energy bill rebates etc, obviously they do way more than that but every government, Labor or Liberal spends the entire term in government just trying to get re-elected and this is probably true in most countries.
what you expect from a federal budget, some people win and some people lose
And that's the nature of government budgets, and governments, and politics.
They rarely create more wealth. They just redistribute it from some people to other people. Based on whoever it is politically expedient to. Not that some of that isn't needed at times. In fact the countries where people are happiest are where the government does it mostly from the rich to the poor. And people are least happy where the government does it from the poor to the rich.
Did anyone actually think the political gametes were going to announce anything reasonable?
C'mon people, it's 2024 and we know all the criminals in suits down in Canberra are only in it for themselves and their big business mates.
$75 off an electricity bill per quarter, how pathetic lol.
The idea that a $300 handout per household fights inflation is the most ridiculous part of the budget.
Printing billions of dollars and giving it away to the massess is the fastest possible way to fuel inflation.
'Lowers' inflation by lowering the energy bill component of the CPI, the inflation measure. Certainly some nice number fudging by The Honourable Dr James Edward Chalmers
For 3th sake
is op ai? wth is 3th?
Comes before 1th and 2rd
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@Drakesy: A guy I work with just bought a place in Baldivis (not my cup of tea but it's a popular area, has lot's of facilities and has a train link) for $440k. Looks nice from the pictures he showed me.